NS&I warns Premium Bonds customers who pay 'using Standing Order'

National Savings and Investments has warned Premium Bonds customers who pay "via Standing Order". NS&I, which is backed by the Treasury, has warned Twitter, now X, users over Premium Bonds and the need to ensure your standing order is going through.

"@nsandihelp I have recently started to top up my 17 year old son's Premium Bonds but don't know if the standing order is going through to the right account as I have had no confirmation. How do I know if all is well?," the Twitter/X user asked.

NS&I said: "Hi there, thanks for getting in touch. As your son is over the age of 16, we would now ask that all deposits come from a UK bank account in his own name, instead of yours. Normally, if the funds have been sent from a third party account, they would be returned but so that..."

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In a follow-up tweet, it rounded off by saying: "we can check this further for you, please have your son call us on 08085 007 007. Lex 2/2" On its website, NS&I explains people can buy Premium Bonds online using the secure online system. "Please have your debit card details at the ready," it says.

"We’re here in the UK every day except bank holidays. Please have your debit card details ready. (Please note: if you’re buying Bonds for someone else’s child, you can't buy them by phone. We don't accept credit card payments.)" It adds: "Simply complete an application form and send it to us, with a cheque payable to NS&I.

"If you or a child you’re buying for already have some Premium Bonds, you can buy via bank transfer (including standing order)." You must be aged 16 or over and buying Bonds for yourself or for a child under 16. You or the child must already have some Premium Bonds, and you must know your (or the child’s) holder’s number.

Each investment must be at least £25 and in whole pounds. The bank account must be a UK account in your name.