NS&I enhances its Premium Bonds | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 25/02/2020

State-owned savings bank, National Savings & Investments (NS&I), has enhanced its Premium Bonds in an attempt to appeal to a younger age group.

The enhancements that have been introduced are both technology-based and are designed to make managing Premium Bonds more accessible for both new and existing customers.
Parents or guardians who have bought Premium Bonds for their children under the age of 16 can now have any prizes won paid directly into their bank account. This is instead of receiving warrants, which are similar to cheques.

In addition to this, customers will now have the choice of either text message or email notifications if they have won a Premium Bond prize. Meanwhile, customers buying Premium Bonds for the first time via the website nsandi.com can choose to have text message notifications when they set up their accounts. Customers that do not wish to receive a prize winner text message or do not have access to a mobile phone can choose from alternative prize notification options online.

Commenting on the changes, Jill Waters, NS&I retail director, said: “With technology evolving at an ever rapid pace, it’s important that we continue to listen to customer feedback and innovate our products and the way we communicate with our customers. By making continual improvements to Premium Bonds, we aim to support a strong savings culture and create an appealing experience that maximises the technology used by our new younger savers.

“By allowing children’s prize wins to be paid directly into a parent or guardian’s account we are making life easier, ensuring that they have access to their winnings faster. By providing the option of a text message notification, we are providing customers with different ways to find out if they have won a prize.

“With more and more people engaging with NS&I through digital channels, it’s important that we make our products as accessible and easy to use as possible.”

NS&I reduce rates

NS&I’s savings options are popular among consumers and the bank aims to offer competitive rates across its products. Saying this, last week we reported that it had announced plans to reduce the rates across its range of fixed and variable savings products, including its Premium Bonds, from 1 May 2020. According to NS&I these rate reductions are due to a fall in gilt yields and to rebalance the needs of its savers, taxpayers and the broader market stability, with Ian Ackerley, NS&I chief executive, commenting at the time: “Reducing interest rates is always a difficult decision. We need to ensure our interest rates are set at an appropriate position against those of our competitors. These changes reflect NS&I’s requirement to strike a balance between the needs of our savers with taxpayers and the stability of the broader financial services sector.”

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