Premium Bonds: NS&I urges savers to access services in this way during coronavirus crisis

The coronavirus (COVID-19) outbreak has affected the entirety of the UK, as well as people across the globe. This week, Prime Minister Boris Johnson announced stringent measures in a bid to slow the spread of the virus, meaning people can currently only leave their homes if it’s for a number of specified reasons.


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The coronavirus pandemic is not only affecting many people’s health, but it’s also having a huge impact on much of the population’s personal finances too.

It’ll be no surprise that many will want to manage their savings during this time, however, NS&I has today issued a message to its customers.


The state-owned savings bank is asking its customers to go online to if they need to help manage their savings during the coronavrius pandemic.

In doing so, this will help NS&I to free up call centre capacity for those customers who need to access it most at this time.

The savings bank explained that it is currently receiving more calls than usual, and as such, it is taking longer than normal to help cusotmers.

Those with queries are directed to use during tihs time.

This is so that those who are most in need, such as those who do not have access to the internet or those who require critically urgent help, can deal with NS&I by phone.

Additionally, customers are being told that they should also only send NS&I anything by post if they have no other choice.

Customers who have registered for NS&I’s online and phone service can use to do the following:

  • 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.


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If a customer is registered to manage their account by phone, then they can log-in to their account online, using the same password and NS&I number.

Should they have forgotten their details, NS&I explains they can get a reminder of their number or reset their password online.

NS&I also states that if a customer wished to invest into an existing NS&I account, then the quickest way for them to do so is to make a transfer from their bank account.

In light of the current circumstances, customers who already have a nominated bank account set up to receive withdrawals, should not change these, unless they no longer have access to that account, NS&I says.

The message comes just a matter of days before NS&I is expected to reveal the “winners” of April’s monthly prize draw.

April marks the final month of the prize draw under interest rates of 1.4 percent tax-free – which means the odds are 24,500 to one.

This is because NS&I has confirmed changes in interest rates – announced last month- and they will be effective from May 1, 2020.

It means that from May 1, 2020, the Premium Bonds prize fund rate will reduce by 10 basis points to 1.3 percent – meaning the odds from this date will be 26,000 to one.

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