Home Finance Premium Bonds customer concerned over payment error when buying more Bonds –...

Premium Bonds customer concerned over payment error when buying more Bonds – NS&I explains

A Premium Bonds customer reached out to NS&I for help after they had an issue with buying more Bonds.

The saver asked the provider over X: “I accidentally sent a payment of less than £25 to my Premium Bonds account.

“Will the payment be returned to me automatically or can I send an additional payment so the total sent is over £25?”

A person has to buy at least £25 worth of Bonds when purchasing more Bonds and can hold up to £50,000.

People often choose to buy more Bonds as this increases your chances of winning a prize in the monthly prize draw.

A representative of NS&I said in response: “The money will bounce back to your bank, this is automatic and will take two to three working days.”

Another concerned saver recently contacted the savings giant as the maximum amount they could invest appeared to have reduced.

They said in a message over X: “The amount that I can invest into Premium Bonds is less than it should be.

“The transaction failed a couple of times and each time it did the maximum I could invest went down. Is there any way to fix this?”

NS&I issued a response to explain how the Premium Bonds account system works. They said: “Your account’s ‘headroom’ is reduced to prevent any further deposits from being made that will take your account over the maximum holding.

“The deduction on the account’s headroom is automatically reduced as soon as the amount you wish to purchase is keyed on the system, as we expect the sale to proceed successfully.

“Your headroom will return to normal after a full 24 hours since the last attempted deposit.”

Premium Bonds are entered into a monthly prize draw rather than getting an interest rate as with a conventional savings account.

Big cash prizes in the monthly draw include two jackpot prizes for £1million and other large amounts including £100,000 and £50,000.

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