NS&I warns Premium Bonds over 'headroom' mistake costing them £1,400 each

James Rodger

26 September 2024 at 9:02 am·2-min read

NS&I warns Premium Bonds over 'headroom' mistake costing them £1,400 each — -Credit: (Image: Reach Publishing Services Limited)

National Savings and Investments has warned Premium Bonds over a shortfall in their accounts. The financial provider, which is backed by the Treasury, spoke out on Twitter, now X, after a frantic message from a concerned and anxious customer.

The customer asked: "I have £30,025 invested in Premium Bonds but the maximum I can add is £18,575, which would be £48,600, not £50,000. Why?" In reply, NS&I said: "If your Premium Bonds account is showing an inaccurate headroom amount, we'd need to look into this for you.

"Please call us free on 08085 007 007 and an advisor can investigate what is causing the discrepancy." And it isn't the first time it has happened. On Money Saving Expert, one forum member warned: "Is any body else having serious issues with NS&I?

"I lodged an official complaint with them on 30 November and they still haven’t responded to it, except 3 letters saying they’re too busy/not enough staff to deal with all the complaints. (Their website put a ‘false headroom’ on my PB account and would not let me move Income Bonds (or cash) into Premium Bonds.

"The phone staff cannot move it either. I will have now missed 3 monthly Premium Bond Draws because of it. And still no response to resolve the problem." A second said: "Having closed my Income Bonds (by transferring the balance to my NS&I Direct Saver), I can't be 100% certain but I believe you cannot transfer directly from IB to PB. You have to go via the Direct Saver, and the PB account has to exist already, but it's all doable in minutes. Obvs within the £50K limit."

The headroom, which is the amount you can invest changes when you attempt to deposit funds. This changes even if the payment doesn't go through, it says.

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