NS&I has issued an update to explain how to add old Premium Bonds to an account.

A customer contacted the savings giant over X to ask: “I have found some older Premium Bond certs of mine that I previously mislaid.

“I’d like to add them to the Premium Bond account that I set up last year. How do I do that?”

The provider said in response: “To add the old Bonds to the new Bonds, you will need to write a letter to our address at NS&I, Sunderland SR43 2SB.

“In the letter, we will need your full name, address, date of birth, old Bond or holder’s number, new holder’s number and your signature.

“You will need to include any previous names or addresses that are applicable and your query.”

Each £1 Bond is entered into the monthly prize draw with an equal chance of winning a prize.

The current odds of winning are 24,000 to one with the prize fund rate at 4.4 percent.

Another customer recently contacted NS&I to voice their frustration as they had won nothing in 60 years.

NS&I said in response: “Every number has a separate and equal chance each month of winning a prize, however the more Bonds you buy, the better your chances of winning.”

A person can hold up to £50,000 in Bonds. When purchasing more, you have to buy at least £25 worth of the Bonds.

The prize fund rate was cut in the March draw, dropping from 4.65 percent to the current 4.4 percent.

Andrew Westhead, NS&I retail director, said: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector.

“In a dynamic savings market, it’s important that our rates are set at an appropriate position against those of our competitors as we work towards meeting our annual Net Financing target.”

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