Question to the HM Treasury:

To ask Her Majesty's Government whether any consultation took place before the announcement that, in future, premium bond winners will not receive their cheques by post.

The decision by NS&I announced on September 17 to pay all Premium Bonds prizes direct to customers’ bank accounts was informed by customer research and changing customer behaviours. It will make managing Premium Bonds prize distribution quicker, more cost-effective and have a much lower environmental impact.

Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Since March 2020, nearly half a million customers have switched from receiving paper warrants to having their prizes paid directly into their bank account or automatically reinvested. In the October 2020 prize draw, more than three quarters (76%) of the 3,921,323 prizes were paid directly into customers’ bank accounts or reinvested into more Premium Bonds.