Premium Bonds changes: Cuts cancelled and ‘contingency plan’ for jackpot winners confirmed

NS&I announced last week that the planned interest rate reductions on a number of NS&I variable rate products, including Premium Bonds, which were due to be effected from May 1, 2020, will now not be implemented. The decision came in response to the coronavirus (COVID-19) pandemic.


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It means that the changes to variable interest rates which were announced on February 17, 2020 will be cancelled, and the rates will instead remain unchanged next month.

The government-backed savings bank said that customers should disregard any letters or notifications that they have received, or will receive, about interest rate cuts to NS&I variable rate savings products.

However, fixed term product interest rate reductions, which were also announced in February, will go ahead as planned and these will become effective from May 1, 2020.

It had been intended that the Premium Bonds prize fund rate would be reduced by 10 basis points from 1.40 percent to 1.30 percent – however this has since been cancelled.

It means that the odds of any £1 Bond number winning any prize will remain at 24,500 to one.

The planned reduction would have been the odds would have changed to 26,000 to one.

During the coronavirus crisis, NS&I is urging customers to go online if they need help in managing their savings.

The savings bank said it is currently receiving more calls than usual and it is taking longer than normal to help customers.

Customers registered for our online and phone service can use to:

  • Check their balances
  • Pay money in or take money out
  • Choose to have any Premium Bonds prizes paid to their bank account
  • Transfer money between NS&I accounts
  • Provide instructions for when a fixed term investment matures
  • Update personal details

If a customer wishes to invest into an existing NS&I account, the quickest way for customers to do this is to make a transfer from their bank account, NS&I has said.


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“Customers can invest into Premium Bonds, Income Bonds, Direct Saver, Direct ISA, Junior ISA and Investment Account by bank transfer,” the savings bank adds.

Back in February, it was estimated that there would still be two winners of the £1million jackpot payout.

While the results of the draw will not be revealed until May 2020, NS&I has shared some details about what will happen in terms of the jackpot winners during the coronavirus crisis.

Usually, these people receive a visit from NS&I’s “Agent Million”.

However, considering the lockdown measures which are still in place, some may wonder whether this will change during the coronaivirus.

NS&I has told that “long-standing and well-developed contingency plans” are in place.

While further details on the plan have not been released for security reasons, it’s understood that “Agent Million is well-equipped to deliver the good news”.

However, addressing the April 2020 prize draw, NS&I said that Agent Millions would “still be delivering the good news” to the jackpot winners – although they woulnd’t “be knocking on the door”.

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