Premium Bonds alert as '£1,400 shortfall' showing on account - NS&I update

NS&I has issued an update after a Premium Bonds customer got in touch concerned about a shortfall in how many Bonds they could purchase online. Each saver can hold up to £50,000 in Premium Bonds, with many customers arranging their account so any cash prizes they win are used to buy more Bonds, upping their chances of winning again.

The bemused customer asked over X: "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?" NS&I said they would need to look into this particular case, explaining: "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." Another customer reported a similar problem back in April this year. They contacted NS&I as the amount they could invest was "less than it should be".

They also said they had tried to make a transaction and it had failed twice and "each time it did the maximum I could invest went down." In this previous case, NS&I said: "Your account's 'headroom' is reduced to prevent any further deposits from being made that will take your account over the maximum holding.

"The deduction on the account's headroom is automatically reduced as soon as the amount you wish to purchase is keyed on the system, as we expect the sale to proceed successfully. Your headroom will return to normal after a full 24 hours since the last attempted deposit."

When purchasing additional Bonds, a minimum investment of £25 is required. The monthly draw offers prizes ranging from £25 to the £1million jackpot, with two £1million prizes in each draw.

The current prize draw rate stands at 4.4 percent, with the odds of bagging a prize set at 21,000 to one. Every £1 Bond in the draw has an equal shot at being matched with a prize.

However, as it's purely down to luck, you could go months or even years without winning a thing. One of the perks of Premium Bonds is their flexibility - they can be cashed in at any time. This makes them one option for those who want an emergency fund on hand should they suddenly need extra cash.