How quickly are Premium Bond prizes paid into banks?

That can depend on how winners have opted to receive their prizes. Organisers NS&I  say they currently pay 9 out of 10 prizes either straight to customers’ bank accounts or by reinvesting into more Bonds. The remaining 10 per cent is paid as a cheque through the post, which takes a little longer.

NS&I stipulate that Premium Bond winners should receive prize money by the seventh working day of the month, so it's not instant. 

Those who prefer to receive a cheque will need to wait for it to come through the post, which will take longer.

To find out how to change the way you receive prizes, head over to the help article on the Premium Bond website.

How to speed things up

Having your prizes paid straight into your bank account (or NS&I Direct Saver) is straightforward if you have an email address. If you win, they'll let you know the good news by email or text message.

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You’ll then normally receive your prize money in your bank account by the seventh working day of the month.

Or, if you have less than the maximum invested then you could use your winnings to buy more bonds n- winners who choose this will see NS&I automatically reinvest the prize money. New bonds will be eligible to win prizes from the next draw.

What about the big prizes?

For £10,000 and £5,000 prizes, they pay your prize in the same way, following instructions, but they may send a claim form that you must complete and send back before they pay your prize to you. Claim forms (where relevant) are sent on the third working day of the month.

If you’re lucky enough to scoop the £1 million jackpot, Agent Million will visit you in person to give you the good news. Remember to ask for their ID before you celebrate – they’ll always have it ready to show you.