NS&I error sees 300,000+ savers waiting up to six months for interest payments and Premium Bond prize wins
Hundreds of thousands of NS&I savers and Premium Bond-holders have waited up to six months to receive interest payments and prize wins, MoneySavingExpert.com can reveal. It comes after a glitch following a system update.
The issue impacts some 349,000 savers with funds worth just over £1.1 billion in total, as well as almost 1,000 Premium Bond prize wins worth £27,175. Below is what's happened and when you'll receive missing payments.
To ensure you're making your savings work for you, see our Top savings and Top ISAs guides for the current best buys. For more info on how Premium Bonds work – and whether they're worth it – see our Premium Bonds guide.
NS&I saver? Check you've now received any interest owed
Some savers who deposited money into their Direct ISA, Direct Saver, Income Bonds, Investment Account or Junior ISA accounts between 19 July 2021 and 29 September 2021 may have waited up to six months for missing interest payments.
The savings provider said affected customers with Direct ISAs, Direct Savers, Investment Accounts and Junior ISAs have had their accounts automatically updated with any interest payments backdated in January this year. Income Bond customers have also automatically had any interest that was due paid as part of either their January or February dividend payment.
However, if you think you're affected and have not had your interest paid, you can contact NS&I either by phone or via its online web chat.
Some Premium Bond prize wins have also been delayed
Savers who purchased Premium Bonds at the end of July, August and September last year may also be missing prize wins.
NS&I said it is able to check affected Bond numbers against the winning prize numbers, meaning you won't miss out on any wins. It will notify affected prize winners in writing and missing prizes will be paid via their chosen prize payment method.
Those who automatically reinvested prize wins into more Premium Bonds are not affected.
NS&I couldn't tell us exactly when the prizes would be paid, but said that it would be contacting affected customers soon.
You can also check to see if your number was drawn on the NS&I prize checker tool – you just need to input your holders' number, which you can find on your Bond record or by logging in to your account.
What does NS&I say?
On the missing interest payments, an NS&I spokesperson said: "Following an update to NS&I's systems in mid-July, it was discovered that – when customers were investing in NS&I products – the incorrect date for the sale was being applied to the transaction in some cases. NS&I apologises to all customers affected."
With regards to missing Premium Bond prizes, NS&I added: "Retrospective prize checks have been run on the affected Bonds, and customers will be notified in writing by NS&I of any prize wins."