Premium Bond Payouts Change, Says NS&I

NS&I has announced a payment change just before the June 2023 Premium Bonds draw. Here's what you need to know about it.

NS&I will introduce a new payment method. It will help customers top up their Premium Bonds and easy access savings accounts. It will be easier for customers. The new payment method will be introduced before the June draw.

Customers will soon have a new payment option called "Pay by bank account". This option will be available on their payment page. NS&I claims that it is safe, simple and fast for users to add money to their savings.

The new thing will come out soon. Customers will get it bit by bit. Customers with certain accounts can have it. These accounts are: Premium Bonds, Direct Saver, Direct ISA, Income Bonds, and Junior ISA.

The savings providers say that customers can now transfer funds easily with the new feature. Customers who use online banking can connect directly to their bank. Money can reach their account without any problems. Their details will be automatically filled out. The government fully supports this new feature.

Customers will go to Ecospend with the new feature. They will pick the bank they want to pay from. After that, they will securely approve the payment.

"Don't worry, just wait for "Pay by bank account" to appear. If online payment isn't possible, call to pay."

NS&I will now use advanced banking technology to improve easy-access savings account top-ups for their customers. This change is available to NS&I customers thanks to Dax Harkins, the Chief Executive. He is happy that this new technology is available, and is pleased to offer it to NS&I customers.

Big UK banks will allow customers to transfer money smoothly into their NS&I variable savings accounts. This is called Pay by bank account. It will be available in the next few weeks.