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NS&I explains how to buy Premium Bonds for customers who don't have online access

NS&I has explained how a person can buy Premium Bonds if they don’t have internet access.

The savings giant was contacted over X by someone who wanted to know the process to buy Bonds “without online account or banking”.

A representative of the group said in response: “If you’re looking to invest in Premium Bonds without online banking, you can either invest by bank transfer directly through your bank – or with an application form and a cheque.

“I will link more information on investing by bank transfer and the application form below.”

They linked to this information page about bank transfers and standing orders and to this application form for buying Premium Bonds.

The person then asked: “So my father can get his bank to transfer money quoting his account and you will automatically add the value of Premium Bonds? Otherwise sending a form and cheque quoting the account to top up?”

NS&I said this was all correct and in addition, that if he was buying Bonds by bank transfer, he would need to quote his holder’s number on the reference for the transfer.

The provider said he would also need to pay the amount to the sort code and account number given in the bank transfer webpage on the NS&I website.

A person can hold up to £50,000 in Premium Bonds. Each time a person buys more Bonds, they have to purchase at least £25 worth.

Each £1 Bond has an equal chance of winning in the monthly prize draw with two jackpot prizes for £1million.

NS&I savers may also want to look out for the new British Savings Bond, which was announced in the Spring Budget last week.

The new Bond offered through NS&I is due to launch in early April, as a three-year fixed rate for NS&I’s Guaranteed Growth Bonds and Guaranteed Income Bonds.

Funds put in the Bonds will be invested in UK industry to help the economy, with savers able to put away up to £1million in the Government-backed savings scheme.

Martin Lewis mentioned the new savings product in his run down of the Budget on his BBC podcast. He said: “What we don’t know yet is the rate – above five percent, it would look pretty competitive and you probably should be doing it.

“Below five percent, it won’t look that competitive and you probably shouldn’t do it unless you specifically want to support Britain.”

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