Premium Bonds - how annoying is this?

moulesy

From next March, premium bond prize winnings will not come as cheques in the post but be paid directly into your bank account.

All well and good if they already know your bank account details but, if not .....

...you can register to tell them on line ......but to register you need a password and to get a password you have to phone an 08 number. When you phone that 08 number you're told there is a long wait (up to 50 minutes yesterday) so please do it on line instead ..... so you go on line and find you ...er....have to ring that 08 number etc etc.... and so it goes on. 

We only found about this by accident, presumably at some stage before March they will write to let all bond holders know. I guess we'll just have to wait until then! 

ABM

Don't be too hard on 'em Mr Moulesy, 'cos they are probably terrified of answering the phone now that they have reduced the interest they give down to very close to minus figures !!

Takethedogalong

I seem to recall setting it up a while ago being a bit of a faff. At least the 08 number is now free M, it used to be a premium rate to call them😱

good luck

JVB66

We set up on lineand the only payment IF? a winner was into a bank account

redface

Yet another area for scammers to operate in!

I can see emails along the lines of 'you have won our £1m prize but you need to send us your bank account details before we can pay you.'

'If you prefer to receive a cheque please send us our administration fee of £100.'

Hmm - I see a new employment opportunity opening up for me!

Tinwheeler

I don’t know if things have changed, M, but I registered some years ago online and it was straightforward. Now my winnings go straight in the bank and get there quicker than a cheque would drop through my letterbox. I think it’s a vast improvement plus I don’t have the hassle of getting the winnings to my bank.

davetommo

Same here but odd £25 pounds I win every 3 years or so goes into more bonds.