Premium Bond winners could have prizes confiscated if they are found to have invested more than allowed
NS&I is trawling its records to check Premium Bond holders have not invested more than they are allowed
Premium Bond winners could have prize money clawed back out of their savings if they have more invested than is allowed.
More than 20 million customers hold the bonds which enter savers into a draw every month with the chance of winning £1 million. But savers are only allowed a maximum of £50,000 invested in their name.
National Savings and Investments (NS&I) is trawling its records to combine accounts and ensure customers do not have too many.
Those with more than £50,000 worth of bonds will have the extra cashed in and refunded — minus any prize money through illicit bonds. The biggest prizes confiscated so far were £1,000 wins from two savers.
If the prize money won is worth more than the extra bonds held, NS&I will ask for the cash back.
And if after two weeks, the saver has not responded, NS&I will take the money from the customer’s savings.