Today thousands of British residents across the country received letters from the NS&I Premium Bonds and Income Accounts stating that if you don't hold a UK bank account, you can't claim any winnings.
The letter states: "Since the Brexit transiton period ended on 31 December 2020 some banks and building societies in the UK have told their customers living in certain EU countries (Spain) that they will no longer be permitted to hold their UK-based accounts.
"As you live in one of those countries we realise that this could affect your ability to continue holding your NS@I Premium Bonds and Income Bonds account. This is because you need to have a UK bank or building society account to continue to operate with NS&I."
The letter goes on to state: "if you don't have access to another UK account in your name, you will need to close your NS&I account."
If you have Premium Bonds but no longer have a UK bank account the NS&I urges you to contact them on 44 1253 832007 as they say they unerstand "this might be worrying news for you…"
It's a major blow because only this week NS&I will increase its Premium Bond prize fund rate from 1% to 1.4% from 1 June, increasing the odds of a win from 34,500 to one to 24,500 to one, and adding more than one million prizes to the June draw.
The number of £100,000 prizes will increase from six to 10, while the number of £50,000 prizes will rise from 11 to 19. However, there will still only be two monthly winners of the top £1 million prize.
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It sounds like the NS&I are being mean, they have to raise their rate so why not get rid of some payouts to Expats using ludicrous reasoning.
Thank goodness I cashed mine in after 50 years of winning nothing !!!