Premium bondholders having to wait for winnings

9 February 2011

Premium bondholders were forced to wait several weeks for payments in January after a printing error delayed thousands of payments.

National Savings & Investments, the issuer of the bonds claims a printing error was to blame for the delay which meant winners received their money at the end of January rather than mid-month.

It is thought many cheques were accidentally issued to bondholders under 16. While children under 16 can hold premium bonds they must be purchased for them by a parent or legal guardian and should the bond be a winner the cheque must be made out to the guardian, not the child.

However, in January many of the cheques printed included the names of both the guardian and the under-16 bondholder, rendering them invalid.

Having to reprint the cheques meant a delay in them reaching the winners.

An NS&I spokesperson says hundred of thousands of customers were affected.

All payments should have been issued now but if you believe you are a winner and have not received a cheque yet you can contact NS&I on 0500 007 007 or write to National Savings & Investments Glasgow G58 1SB.

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