NS&I is introducing a new payment method of online customers who want to top up their Premium Bonds and other easy access savings accounts.
Customers will start noticing the new option, known as “Pay by bank account” shortly in their payment options.
The Government-backed savings provider said it is a quick, easy and secure way for customers to top-up their savings online.
It will be rolled out to customers with easy-access variable rate accounts, namely Premium Bonds, Direct Saver, Direct ISA, Income Bonds and Junior ISA, gradually.
Dax Harkins, NS&I Chief Executive, said: “I am pleased that NS&I is able to offer our customers the benefits of the latest banking technology to top up their easy-access savings accounts.
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“Customers with most UK major banks and building societies will soon find that they can smoothly make transfers into their NS&I variable savings accounts as we start to roll out Pay by bank account over the coming weeks.”
Customers may have used the ‘Pay by bank account’ technology before, such as when making a self-assessment payment with HMRC, paying a credit card bill or making an online charity donation.
NS&I says it enables customers who use online banking or a banking app to easily transfer funds by connecting directly to their bank.
It will automatically fill in the customer’s NS&I account details, to ensure their money reaches their account “seamlessly”.
As the new option for topping up deposits is rolled out, customers will be transferred to Ecospend.
They will then select the bank they wish to make their payment from, and then be securely transferred to their chosen bank to approve the payment.
Online customers will be able to make payments via bank transfer and debit card as usual, if they prefer,
People who cannot make online transactions can continue to make additional deposits by telephone, calling NS&I’s customer service teams.
Customers don’t need to do anything to their account.
The new Pay by bank account feature will automatically appear during the roll out in the coming weeks.
Banks have different limits on how much money can be transferred by this technology, and limits are typically between £10,000 and £50,000.
NS&I will announce the winners of the June 2023 Premium Bonds prize draw this week, on Thursday June 1, and the prize checker app will be updated soon after.
