‘NS&I says my grandsons in Australia want UK financial institution accounts to carry premium bonds’
You might be removed from being alone within the face of this enigma. Of the 870,000 overseas premium bond holders, who’ve invested a complete of £ 1.4 billion, 94% have but to offer NS&I with UK financial institution particulars.
NS&I has suffered crippling customer support points, after sharply slashing financial savings charges in November and inflicting an exodus of consumers. A ripple impact is that many Premium Bond holders had been unable to offer their requested account particulars. A spokesperson for NS&I apologized for the difficulties you encountered in looking for data.
As for holders of worldwide bonds, NS&I mentioned failure to offer UK account particulars would imply that it could “not be doable” to proceed to personal the bonds.
It is disappointing. Many worldwide shoppers will maintain the bonds for many years (like your grandsons) and be reluctant to desert them.
The percentages of successful a month-to-month prize, not to mention the £ 1million pot, are slim, however for those who money them in, they’re zero. NS&I claims that over the previous six years, 273 high-value prizes (£ 5,000 or extra) have been received by abroad holders, together with two of the £ 1million jackpot. Now, it appears to be like like abroad bondholders who cannot open a UK checking account are confronted with Hobson’s alternative – a seemingly free alternative with just one choice – to money out.
Many banks don’t supply UK accounts to non-residents. With Brexit, prospects from international locations within the European Financial Space may quickly be added to this record.
NS&I urged that your grandchildren name the group’s helpline on 01253 832007 to debate their choices.
Will they’ve extra pleasure than you? I’ve my doubts. I struggled to get a definitive reply myself. They are going to actually be instructed that it’s not doable for UK primarily based dad and mom such as you to obtain any winnings on their behalf, until you have got an influence of legal professional registered in every kid’s particular person account. son (though completely authorized, NS&I mentioned it would not. t approve it). Both method, you say this “costly and time consuming” route is just not for you.
They may money the bonds if they can’t or don’t wish to open an account within the UK. NS&I’ll subject warrants for his or her full worth at closing. A minimum of that ought to reassure you that the cash is not trapped in perpetuity such as you feared.
You inform me that you’ve got determined to “wait and see”. I feel it is a sensible coverage, since NS&I confirmed to me final week that the preparations for abroad shoppers are below evaluation and within the meantime they – and your grandsons – will proceed to obtain mandates. of value.