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Premium Bonds

Going paperless?

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Male
CircusMaximus  Male  North Yorkshire
19-Dec-2020 09:43 Message #4801063
No more cheques being sent out.

Fair?

Do you have premium bonds?
Female
Bewildered  Female  Norfolk
19-Dec-2020 10:03 Message #4801066
Yes I do, and I like to get the envelope drop on the mat wondering how much I have won
Female
wonderoushen  Female  Gwynedd
19-Dec-2020 10:24 Message #4801068
No I don't, my parents had them for years and never got anything, they've always seemed a bit of a lottery to me, some people seem to get a good return whilst others get nothing.
Male
Pboro Trevor  Male  Cambridgeshire
19-Dec-2020 10:31 Message #4801069
I do and I have been paperless for years. Winnings re-invested, so just get an email saying I had one a prize. Simples!

Trevor
Male
Colonel_Blink  Male  Buckinghamshire
19-Dec-2020 15:31 Message #4801077
It doesn't bother me but there must be a lot of bond holders who do not have the internet and do not want to go paperless.
Female
wonderoushen  Female  Gwynedd
19-Dec-2020 18:40 Message #4801098
I presume they will still write and tell peoplethey've won something and ask for banking details, maybe we should all look out for scams along these lines?
Female
Madness102  Female  South Yorkshire
19-Dec-2020 20:31 Message #4801105
You are very lucky Bewildered, to even have an envelope drop on your mat !!

Well they would have to let us know somehow, wouldn't they - or there will be many more unclaimed prizes.
Male
The_38th_Parallel  Male  Essex
19-Dec-2020 22:26 Message #4801120
From what I understood, it's only the prize warrants paid by cheque, that are going paperless.
Payments will be paid direct into a bank account or reinvested if that's your choice and you can still receive postal advice of those if you don't want to go online.
It's still just as exciting to get an email from NS&I when you win.
Female
NoSaint  Female  Devon
20-Dec-2020 08:57 Message #4801133
NS&I say that stopping cheques and paying online will lead to a lot fewer unclaimed prizes. I've had a few bonds since my teens but very few wins.
Female
Greencare  Female  Berkshire
20-Dec-2020 23:04 Message #4801224
Everyone we deal with these days are trying to make their customers go paperless.
Male
The_38th_Parallel  Male  Essex
21-Dec-2020 09:53 Message #4801255
TBH I did used to look forward to the start of each month and wonder if ERNIE would be sending me an envelope.
But if you never received the envelope you wouldn't know if you'd won. I wonder how many of those uncashed cheques are sitting in piles of undelivered/"lost" post.
On top of that it was beginning to be a right nuisance having to go to the Bank to pay the usual £25 winning cheque in (and that was before C-19). So invariably it would get left in the paying in book until maybe another cheque came in and it made it worthwhile having to queue in branch.

I'm not a fan of not using bank branches (as it's "use 'em or lose 'em) but now I look forward to receiving a "You've Won" e-mail and the funds are in the account a day later.
Simples.

The good news though is that NS&I still send out Agent Million to personally deliver the good news to the 2 £1 million pound winners each month.
Male
persona_non_grata  Male  North London
21-Dec-2020 10:34 Message #4801256
I'm not really into technology but I embrace the basics!

I've done everything relating to Premium Bonds online for some time now, I have a handy app which I just touch and know immediately if I have won anything. Winnings are paid back in to buy more bonds and this is notified to me by email.

The last cheque I needed to pay into the bank I took a photo and paid it in electronically.
Male
BrexitBob  Male  Oxfordshire
22-Dec-2020 10:46 Message #4801330
As long as I win I don't mind how I am paid.
Male
brisinger-the-beekeeper  Male  Lancashire
22-Dec-2020 11:26 Message #4801334
Just as long as they pay it in if I ever win and don't have to actively check it's fine by me but it does give you a kick if you were ever lucky enough to receive a "You have won!" letter through the post even if it's only £10. Methods such as this can leave them wide open to phishing.

Male
persona_non_grata  Male  North London
22-Dec-2020 15:23 Message #4801337
I've just checked out the premium bond app which I've had a while but only look at it to see if I have won. It has a few useful features including past wins and unclaimed prizes.

My last win was £125 in November which was re-invested.
Female
Gilpin  Female  Middlesex
23-Dec-2020 12:48 Message #4801399
Well done pgn. I o-n-l-y ever get £25s. I must check. Before they just arrived in the post, like a nice surprise, now you have to claim, or give a bank account.
Male
persona_non_grata  Male  North London
23-Dec-2020 15:50 Message #4801413
Thanks. It presents itself as five wins of £25 but that is probably because it is re-invested.

I'd be very happy with a few more wins in the new year :)
Male
The_38th_Parallel  Male  Essex
24-Dec-2020 11:07 Message #4801480
Sadly wins are going to be harder to come by what with NS&I's reduction in the PB prize draw to 1% from December.
The odds of winning any prize have gone down from 1 in 24,500 to 1 in 34,500, with over one million fewer prizes set to be given out.
It's over 3 1/2 years since I got anything over £25 but any wins are welcome.

Update
I've been reading that NS&I have had to delay the plans to withdraw paper PB prize winning cheques, due to operational difficulties as a result of the pandemic, which has led to the customer service line going into meltdown as people, many elderly who do not have the internet or computer access, not being able to call and register their bank account details.
So, the withdrawal process has now been delayed until Spring 2021 and then will be phased in after that, with dates yet to be announced.

You can appreciate the size of the issue as there are still five million customers who receive prizes in the post and more than a million cheques are sent out every month.
Male
MrQuiet  Male  Northamptonshire
24-Dec-2020 12:26 Message #4801489
That's a lot of people who don't want it done online and they have to communicate with NS&I without a computer.
Male
HotOrWot  Male  Lancashire
25-Dec-2020 07:19 Message #4801542
I wonder if I will get a Christmas win!
Male
persona_non_grata  Male  North London
6-Jan-2021 08:34 Message #4802560
Had my first win of 2021. £25.00. :)
Female
NoSaint  Female  Devon
7-Jan-2021 07:49 Message #4802647
A good start to the year lol.
Female
Gilpin  Female  Middlesex
7-Jan-2021 11:37 Message #4802673
Do you have them in a block pgn? Or scattered about.
Male
persona_non_grata  Male  North London
7-Jan-2021 16:35 Message #4802687
Gilpin. Surely it make no difference to your chances of winning?

I bought my first bonds about 40 years ago and more from time to time since. A short while ago I did purchase a block as it seemed a reasonable plan with interest rates so low.
Male
brisinger-the-beekeeper  Male  Lancashire
7-Jan-2021 16:47 Message #4802691
Interest rates so low is rather an understatement. HaHaHa.
I've just received my cash ISA statement and it's 0.01%
You might as well put your money under the mattress at that rate. Needless to say the account is being closed and moved to something like Zopa...

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