Martin Lewis discusses children's savings in Premium Bonds
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Premium Bonds allow holders to be in with the chance of winning £1million prizes and today, October’s jackpot winners have been released. NS&I will also update its prize checker soon, allowing other winners to check on their results.
Prize winning details
For October, one of the £1million winners is based in South Gloucestershire. This woman had a total holding of £49,994 and their winning bond number is 433SN401366.
Their winning bond was bought in January 2021, with £2,000 being invested.
The second winner comes from Surrey who has a total holding of £50,000. This man’s winning number is 436WJ503244 and the bond was bought in February 2021 with a full £50,000 investment.
For October, the total prize fund reached over £94million, while the total number of prizes available hit 3.2 million.
How to check on prizes
By Monday, NS&I will update its prize checker which can be found on its website or downloaded as an app. The prize checker will show users this month’s prizes, anything they’ve won in the previous six draws, as well as any older prizes they have yet to claim.
To check if a holder has won, they can enter their holder’s number into the prize checker. This holder’s number can be found on a bond record or by logging into their account. A holder number will have either 10 or nine digits, or eight digits followed by a letter.
Normally, jackpot winners would have been visited by “Agent Million” who would let them know in person that they’d won £1million. However, this has been temporarily halted by the pandemic.
Instead, the Agent Million will contact winners in other ways to let them know of the good news.
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How to get prizes
Premium Bonds holders can choose to have their prizes paid directly into their bank or NS&I Direct Saver account. Additionally, holders can have their winnings reinvested into more bonds and NS&I will notify people by text or email if they’ve won.
Holders will be able to alter their preferences on this. Savers can log into their online account where they will be able to change their prize options.
If they don’t receive a prompt after they’ve logged in for this, they will need to go to “Your profile” and select “Your prize options” and they’ll be able to change them there.
Users will also be able to check their nominated bank account details are up to date by going to “Your profile” and selecting “Nominated accounts”.
What to do if you haven’t received your prize
Winners should see the money in their account after the seventh working day of the month. If the funds have not arrived within this time frame, holders should call NS&I to make sure they’ve got the right details.
Prize winnings can also be received by cheque but this can delay the process. Cheques can take until the end of the month to arrive through the post and if they don’t arrive within this time frame, NS&I should be contacted and they’ll send out a replacement.
For security purposes, Premium Bonds prize cheques expire after three months. If a person receives an expired cheque, they’ll need to ask for a replacement.
NS&I can be called on 08085 007 007 but the company can also be reached online, by post or through social media.
How to buy Premium Bonds
For those who do not win this month, it is still possible to buy Premium Bonds for November’s prize draw. With the odds of winning are 34,500 to one (for every £1 bond), Premium Bonds offer an annual prize fund rate of one percent and all prizes are issued tax free.
A minimum investment of £25 is needed and the maximum that can be paid in is £50,000.
Premium Bonds can be bought online using NS&I’s secure online system. Buyers will need to have their debit card details ready for this.
They can also be bought over the phone “all day, every day”, while an application form can be posted to the company, with a cheque payable to NS&I.
For those who already own Premium Bonds, more can be purchased through bank transfers or standing orders.
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