Premium Bonds customer panics over holiday money as NS&I explains withdrawal rules

NS&I has explained the process for receiving a withdrawal after a query from a customer.

The saver contacted the Premium Bonds provider over X as their funds had yet to arrive in their account, on July 19.

They said: "I haven’t received my withdrawal into my bank account it said it would be today when I requested the money."

A representative offered this response, saying: "If you were informed a payment would arrive today, it can take up until the end of the banking day to arrive - in this case, it will be 5pm today."

The customer further explained why they needed the cash. They said: "See it’s usually in by 11.30am and it’s my holiday money and it’s still not in - is this because of the IT issues that’ve happened?"

The savings provider reassured them that they should get their money soon. They explained: "The funds should still arrive before the end of the banking day in the UK.

"If they're not with you by 5pm BST today, please get back in touch."

One benefit of Premium Bonds as a savings option is that you can cash them in at any time.

You can even cash in your Premium Bonds online without creating an account.

Each £1 Bond eligible for the monthly prize draw has an equal chance of being paired with a prize.

This includes one of the two jackpot prizes for £1million.

You can manage your Premium Bonds online or over the phone once you have them set up.

A person can hold up to £50,000 in Bonds, and people often use their winnings to buy more, increasing their chance of winning again.

You have to purchase at least £25 worth of Bonds when buying more.

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