NS&I has issued some advice for Premium Bonds customers after reports of a saver having issues buying Bonds. The person contacted the savings provider over social media as they were struggling with a persistent problem as they tried to purchase some Bonds. They told the group: “I’ve been trying to buy Premium Bonds with both my Monzo and Revolut cards but the card keeps getting rejected.
“Both card providers say the problem’s on your end. Is there anything you can do to help me?” A representative sent a response encouraging them to send a direct message about the issue.
NS&I was asked what customers should do if they are having problems buying Bonds. The group said: “We have not identified any current issues affecting customers using Monzo or Revolut for Premium Bonds purchases.
“Any customers experiencing difficulties completing their transaction are encouraged to contact our dedicated customer service team on 08085 007 007, where our advisors will be happy to assist them.”
You can buy Premium Bonds online, over the phone or by post. Each purchase has to be for £25 or more worth of Bonds. You can hold up to £50,000 in Bonds.
Rather than your holdings growing in line with an interest rate, each £1 Bond goes into a monthly prize draw, with an equal chance of winning a prize.
The odds of winning are currently 22,000 to one. Prizes range from £25 up to £1million, with two £1million prizes in each draw. Other large cash prizes available include for amounts such as £100,000 and £50,000.
Recent sourced by Octopus Money looking at the prize winners for 2024 found that 88% of winners took home less than £2,000 and, with just 0.32% of the total winners taking home more than £10,000.
Ruth Handcock, CEO of Octopus Money, said: “While products like Premium Bonds may work well for some, others are missing out on strategies that could grow their wealth and deliver stronger returns over time.
“Premium Bonds are unlikely to outpace inflation, so your money may seem ‘safe’ but it’s quietly shrinking in value over time. The truth is that millions of people could be getting more from their money.”
The research also found more than £4.25billion is held in Premium Bond accounts that have had no activity in the past decade.
The prize fund rate fell from 4% to 3.8% from the April draw, having fallen previously in January and in December last year.
