NS&I warning as Premium Bonds saver wants to open multiple account

NS&I has clarified the rules for a Premium Bonds saver who wanted to hold more than one account.

The saver asked over X: "Am I able to hold two different Premium Bonds accounts? I don't want to buy more than the limit of £50,000.

"I just want to be able to identify one set of money for one purpose and another set of money for another purpose. If I lump them in together prizes not separate."

A representative said in response: "This wouldn't be possible, we only allow for one Premium Bond account per person.

"You could however, track the specific Bond numbers and assign them for the purpose you'd like."

Each £1 Bond has an equal chance of winning in the monthly prize draw, including one of the two jackpot prizes for £1million.

People often choose to use their winnings to buy more Bonds and so increase their chances of winning again.

Another customer recently contacted NS&I over X as they were struggling with the website in trying to buy more Bonds.

They asked: "Why is the website so hard to use? I can't find anywhere to reinvest the July winnings into Premium Bonds?

"Am I missing something? I thought it would be made easy to do that through the website once logged in."

The savings provider replied to explain the process. A representative said: "Once a prize has been issued, they cannot be directly reinvested.

"You would need to either send the prize warrant back to us with an application form, or cash the prize to your bank and purchase more Bonds."

The customer then asked if this means they would need to wait until their prize winnings cheque arrives, to use the funds to buy more Bonds.

NS&I said: "If you're looking to send the cheques back with an application form, yes."

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