Premium Bonds: Are my Premium Bonds safe?

Premium Bonds are a way to save money through investing run by National Savings and Investment (NS&I), with a prize draw at the start of each month. But in the wake of the coronavirus pandemic, customers have been concerned their money may not be safe.

Are my Premium Bonds safe?

NS&I have reached out to customers and let them know their money is very much safe with them.

A message on their website reads: “Just to let you know we’re doing whatever we can to continue our essential services during this exceptional time, while looking after the health of our colleagues.

“Your money remains 100% safe with us, as we are backed by HM Treasury.


  • Premium Bonds: Savers can ‘still access’ money despite coronavirus

“We haven’t got as many of our customer service team available as usual, so we can’t offer our full range of services at the moment.

“Our top priority is to help customers who need to take money out or pay money in. Everything else will take longer than usual.”

NS&I says customers can help by doing everything online if they are already registered for their online and phone service.

NS&I also asks for customers to only call if you absolutely have to.

In a message sent to customers, seen by, Ian Ackerley, NS&I Chief Executive, said: “This is an uncertain time for everyone, and we would like to reassure you that you will continue to have access to your savings during this exceptional time.”

Customers registered for NS&I’s online and phone service can use to:

  • Check their balances
  • Pay money in or take money out
  • Choose to have any Premium Bonds prizes paid to their bank account
  • Transfer money between NS&I accounts
  • Provide instructions for when a fixed-term investment matures
  • Update personal details.


  • Savings: New account launches with fixed interest rate

Soon, on April 1, those who have Premium Bonds will be checking their bond numbers to see whether they have won in the monthly draw. 

April is the final month of the prize draw interest rates being 1.4 percent tax-free – which means the odds are 24,500 to one.

This is due to changes in interest rates which NS&I announced in February. 

Winners are picked each month by ERNIE, the Electronic Random Number Indicator Equipment. 

Now in its fifth incarnation, is powered by quantum technology, which uses light.

This new technology allows ERNIE to produce enough random numbers for a monthly prize draw in just 12 minutes – 42.5 times faster than its thermal predecessor at the end of its number-generating career.

According to NS&I: “Using light, ERNIE 5 generates random numbers that are matched against eligible Bond numbers to determine the lucky winners.

“And because it’s random, every Bond number, whether it has 8, 9, 10 or 11 digits, has a separate and equal chance of winning a prize.”

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