Premium Bond customers can now get texts to let them know they've won

Those buying Premium Bonds for the first time can choose to enable the text notifications when they set up their account, while existing customers can sign up for the alerts by logging into their online accounts and selecting the 'Your prize options' option under 'Your Profile'.

If a customer doesn't want to receive texts or doesn't have a mobile phone, they can still opt to have email notifications instead.

While the texts will alert winners to the fact that they have a prize, they'll still need to take action to find out the exact value – either by logging into their online National Savings & Investments (NS&I) account, using the NS&I prize checker, or using an Alexa-enabled device.

NS&I, which runs Premium Bonds, has also announced that parents or guardians of children under the age of 16 who have Premium Bonds will be able to have any prizes paid directly into their bank account, rather than being sent a warrant – which is like a cheque – that they have to deposit, as happens now.

The announcement comes a week after NS&I said it would be cutting the Premium Bond prize rate from 1.4% to 1.3% from May.

For more on how Premium Bonds work – and whether they're worth it – see our Premium Bonds guide.

What does NS&I say?

NS&I retail director Jill Waters said: "With technology evolving at an ever-rapid pace, it's important that we continue to listen to customer feedback, and innovate our products and the way we communicate with our customers. By making continual improvements to Premium Bonds, we aim to support a strong savings culture and create an appealing experience that maximises the technology used by our new younger savers.

"By allowing children's prize wins to be paid directly into a parent or guardian's account we are making life easier, ensuring that they have access to their winnings faster. By providing the option of a text message notification, we are providing customers with different ways to find out if they have won a prize.

"With more and more people engaging with NS&I through digital channels, it's important that we make our products as accessible and easy to use as possible."