National Savings and Investments (NS&I) announce payment change for Premium Bonds customers

The payment change from NS&I comes just before the June 2023 Premium Bonds draw - here’s what it is

Ahead of the June draw, NS&I is set to introduce a brand new payment method that will give customers an easier option to top up their Premium Bonds and other easy access savings accounts.

Soon, customers will begin to see the new option, known as "Pay by bank account" shortly in their payment options. NS&I say it is a “quick, easy and secure” way for customers to top up their savings online.

It will soon be rolled out gradually to customers who currently have easy-access variable rate accounts, including Premium Bonds, Direct Saver, Direct ISA, Income Bonds and Junior ISA.

The government-backed savings providers say that the new feature allows customers who currently use online banking to easily transfer funds by connecting directly to their bank. Customers’ details will automatically be filled out, allowing money to reach their account ‘seamlessly’.

As the new feature is rolled out, customers will be transferred to Ecospend. They will then choose the bank that they want to make the payment from before being securely transferred to approve it.

Customers do not need to do anything as the "Pay by bank account" will automatically appear soon. If customers can not make payments online, they can continue to do so via telephone.

Dax Harkins, NS&I Chief Executive, said: “I am pleased that NS&I is able to offer our customers the benefits of the latest banking technology to top up their easy-access savings accounts.

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"Customers with most UK major banks and building societies will soon find that they can smoothly make transfers into their NS&I variable savings accounts as we start to roll out Pay by bank account over the coming weeks.”