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Premium Bonds sales over Post Office counters to end Premium Bonds sales over Post Office counters to end
(about 1 hour later)
Premium Bonds will no longer be sold over the counter in Post Office branches from the end of July.Premium Bonds will no longer be sold over the counter in Post Office branches from the end of July.
National Savings and Investments (NS&I), which runs the savings lottery, said all sales would be online, by phone, by post or by electronic transfer.National Savings and Investments (NS&I), which runs the savings lottery, said all sales would be online, by phone, by post or by electronic transfer.
It will be writing to people who have previously bought Premium Bonds over the counter to tell them of the change.It will be writing to people who have previously bought Premium Bonds over the counter to tell them of the change.
NS&I said 65% of contact with customers occurred online or on the phone.NS&I said 65% of contact with customers occurred online or on the phone.
"Moving to 100% of direct sales is a natural next step for NS&I. It should also be intuitive and straightforward for these customers, given that they already manage and repay their Premium Bonds with us directly," said Jane Platt, chief executive of NS&I."Moving to 100% of direct sales is a natural next step for NS&I. It should also be intuitive and straightforward for these customers, given that they already manage and repay their Premium Bonds with us directly," said Jane Platt, chief executive of NS&I.
"After such a longstanding relationship, we know it is important that we help our customers with the transition.""After such a longstanding relationship, we know it is important that we help our customers with the transition."
Customers who do not have access to the internet will have to make an application through the post or on the telephone.Customers who do not have access to the internet will have to make an application through the post or on the telephone.
A spokesman for the National Federation of Subpostmasters said: "This is very disappointing news, particularly for our elderly and more vulnerable customers who rely on face-to-face support from subpostmasters with handling these types of transactions."
The maximum permitted investment in Premium Bonds recently rose to £50,000 from the previous limit of £40,000.The maximum permitted investment in Premium Bonds recently rose to £50,000 from the previous limit of £40,000.
Every one of the 54.2 billion bonds has an equal chance of winning one of the two top prizes of £1m, but the chances are the equivalent of flipping a coin and getting 34 consecutive heads. The odds of winning any prize of between £25 and £1m with a single £1 bond are 26,000 to one.Every one of the 54.2 billion bonds has an equal chance of winning one of the two top prizes of £1m, but the chances are the equivalent of flipping a coin and getting 34 consecutive heads. The odds of winning any prize of between £25 and £1m with a single £1 bond are 26,000 to one.
People need to be aged 16 years old or over to buy Premium Bonds, although parents, guardians and grandparents can invest on behalf of their child or grandchild.People need to be aged 16 years old or over to buy Premium Bonds, although parents, guardians and grandparents can invest on behalf of their child or grandchild.