NS&I has clarified how the bank holiday will affect people cashing in their Premium Bonds.
A customer got in touch with the provider over X on May 23 to ask: « If I request to withdraw money from my Premium Bonds tonight how long does it take to show in my bank? »
The savings giant replied: « If you make a withdrawal from your Premium Bonds today, as long as it is before 8pm, it will arrive to your bank on 28 May. »
The saver then asked for a further clarification, querying: « Would that still be the case as it is a bank holiday this week? I made withdrawal last night at 7pm. »
NS&I responded: « Yes, the timeframe accounts for the bank holiday. »
Express.co.uk contacted NS&I to request further information about how bank holidays affect withdrawals.
We were directed to information on the NS&I website that states: « When we get your instruction on a banking day before 13:00 we’ll process it on the next banking day.
« The payment will normally reach your account two banking days after that. If we get your instruction after 13:00 on a banking day, or on a weekend or bank holiday, we’ll act as if we received it on the following banking day.
« Customers can use our payment timeline calculator. to find out when they will receive their funds. »
The provider also pointed out that the time it takes to receive a withdrawal can vary depending on which NS&I account you have, how much you want to take out and your withdrawal instruction.
A person can hold up to £50,000 in Premium Bonds with each £1 Bond entered into the monthly prize draw, with an equal chance of winning a prize.
Prize winners often use their winnings to buy more Bonds, and thus increase their chances of winning again.
A frustrated customer contacted NS&I recently as they had not won a prize in 55 years.
A representative said in response: « I understand how you feel, but don’t lose hope, it only takes one lucky Bond to win the £1million.
« Did you know, that just this month a lucky customer won a £50,000 prize with just a holding of £125? »
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