NS&I gives Premium Bonds players 40 day warning and they rage 'it's unacceptable'

National Savings and Investments has spoken out after Premium Bonds customers blasted an "unacceptable" 72 hour delay. NS&I, which is backed by the Treasury, spoke out on Twitter, now X, after a fuming customer got into contact with the body.

"When can I expect a reply to a complaint emailed to @nsandi on Tuesday? I’m finding 3 days unacceptable," asked Moira. In reply, NS&I wrote back to the Premium Bonds holder, explaining its complaints process amid the furious tweet.

It said: "We will acknowledge all complaints within five working days. We’ll aim to fully resolve your complaint within 15 working days if your complaint relates to an electronic payment (or 35 days in some circumstances), for all other complaints we’ll aim to resolve it within 40 days.

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It added: "40 working days. If you send your complaint to us by email, we’ll send your acknowledgement the same way. However, to protect your confidentiality, we’ll send our full reply to you by post to the latest address we have for you. Our complaints process ends when we send you our final response letter."

Launched in 1956, Premium Bonds are issued by NS&I and have been used by governments to raise funds. Unlike investments offering savers interest or a regular dividend income, Premium Bonds offer customers the chance to win between £25 and £1m tax-free in a monthly prize draw.

One individual can invest up to £50,000. Some parents go beyond this limit by buying bonds for themselves and for their children. This website can calculate results for investments up to £200,000 under the current rules for the NS&I products.

NS&I also says Premium Bonds winnings are tax-free. Most people can earn £1,000 in interest before paying tax anyway, but this is reduced if you are a higher-rate taxpayer, it has said.