NS&I Premium Bonds balance explained after some users confused

NS&I has shed light on the rules surrounding Premium Bonds after a baffled customer asked for clarification. The saver queried: "I've just bought my first Bonds online and the account is all set up."

"I can see my balance is £***** which is correct but the account shows 'available' as £0. Can you clarify what this means please? " When it comes to purchasing Premium Bonds, a minimum investment of £25 is necessary and each saver can hold up to £50,000 in Bonds.

NSandI clarified: "Your available balance is the amount that you have access to if you decide to withdraw from your holding. It can take up to seven working days from the date of your initial investment for the funds to clear and show in your available balance."

Many savers organise their accounts so that any winnings are automatically reinvested into more Bonds, thereby increasing their odds of winning again. Each £1 Bond entered into the monthly draw stands an equal chance of winning a prize, including one of the coveted £1million jackpot prizes.

Other substantial cash prizes up for grabs in the monthly draw include several prizes for £100,000 and for £50,000. Another perplexed customer recently reached out to NSandI to voice their frustration at a limitation on the prize checker tool

They expressed: "It still infuriates me, the Premium Bond prize checker app only displays last six draws. Surely it's possible to show the last 12 months on the app, as a minimum."

NS&I addressed the matter, relaying: "Our prize checker is set up so that the last six months can be viewed. If you would like to view your prize history for the last 18 months, this can be viewed by logging into your online account here. We appreciate your comments and have passed this on as feedback for you."