Savers with Premium Bonds who are planning to cash in some of their savings may need to plan ahead or they may be unable to access the funds.
Twitter user @JohnEGlover contacted provider NS&I to ask what is the latest date before the monthly prize draw they can cash in a Premium Bond.
They further clarified they wanted to know the deadline as they “don’t want to be told I can’t have the funds until after the draw”.
The provider said in response: “You will be unable to withdraw from your Premium Bonds within the last three working days of the month.”
It’s important for savers to be aware of this rule as people can otherwise cash in their Bonds “at any time”, as the guidance on the NS&I website states.
A person who may need to quickly access funds to pay for bills or other needs towards the end of the month may want to make sure they can get the money from another savings account.
An individual can hold up to £50,000 in Premium Bonds. Each £1 Bond has an equal chance of winning in the monthly prize draw, which takes place at the start of each month.
The prize draw includes two jackpot prizes for £1million and other big prizes for £100,000 and £50,000.
The prize fund rate for the monthly draw is increasing in the August draw, from 3.7 percent to four percent.
The provider is to add another 460,000 prizes are to the pot of winnings. NS&I’s chief executive, Dax Harkins, said: “I’m delighted that we’re able to improve the odds to the best they have been in almost 15 years, with more prizes, more excitement and more life changing wins for savers up and down the country.
“These changes will benefit millions of NS&I’s savers who have money in Premium Bonds, Direct Saver and Income Bonds.”
Another rule to note is a person buying Bonds has to purchase at least £25 in Bonds. A person can check if they have any unclaimed winning using the prize checker tool on the NS&I website or via the app.
Savers with Premium Bonds are entered into the monthly prize draw instead of getting an interest rate as with a conventional savings account.
Winners often choose to use their winnings to buy more Bonds, to increase their chances of winning again.
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