A Premium Bonds customer was baffled to receive £300 in payments into their account.
The saver contacted NS&I to ask: “I have just received three x £100 into my bank account. However your app told me I had won nothing this month and had won nothing for six months. This is nonsense. What is going on?”
People will have been receiving prize payments in recent days after the announcement of the winners for the September prize draw at the start of the month.
Winnings will usually be paid into customers’ bank accounts by the seventh working day of the month.
NS&I responded to the customer to explain the rules. A representative said: “Please note it is an essential feature of the Premium Bond scheme that winning is solely a matter of luck, and there can be no guarantee of any level of return whatever the value of the holding.
“The random nature of the prize draw means that there is no predictable pattern to the frequency or value of prize wins. It is possible to experience months without winning a prize, as well as months with multiple wins.
“If you would like to query the results of our prize checker to what you have received to your bank account, please call us on 08085 007 007 and an advisor can check into this for you.”
Customers often arrange their accounts so any winnings are automatically used to buy more Bonds, which increases their chances of winning again.
Another customer recently contacted NS&I bemused as their Bonds were seemingly ‘not working’.
They asked the provider: “Have held Premium Bonds since 1994 and bought more a few months ago to see if a refresh would help and still no prizes. I’m not convinced mine are even working or in the system.”
NS&I replied to tell them it is purely a matter of luck who wins a prize in the monthly draw.
A representative explained: “The random nature of the prize draw means that there is no predictable pattern to the frequency or value of prize wins. It is possible to experience months without winning a prize, as well as months with multiple wins.”
The group also explained how the chances of winning work. They elaborated: “Currently, the odds of winning are 21,000 to 1 for every £1 Bond.
“This ratio remains the same for a holder of £1 as it does for one with the maximum holding of £50,000. The only distinction between them is that the holder of £50,000 has more ‘entries’ into the monthly draw.”