The longstanding ability of the post office to sell premium bonds over their counters is set to end very soon. It has been announced that by the end of July all sales of the government backed bonds will be made over the phone, online, by electronic transfer or by post.
The National Savings and Investments (NS&I), that manages this savings lottery has explained that it would be sending out letters to inform its previous participants of this change. It states that currently around 65% of transactions are already being carried out over the phone or via the internet.
“Moving to 100% of direct sales is a natural next step for NS&I. It should also be intuitive and straightforward for these customers, given that they already manage and repay their Premium Bonds with us directly,” said Jane Platt, chief executive of NS&I.
“After such a longstanding relationship, we know it is important that we help our customers with the transition.”
A spokesman for the National Federation of Subpostmasters said: “This is very disappointing news, particularly for our elderly and more vulnerable customers who rely on face-face support from subpostmasters with handling these types of transactions.”
In a recent development, the limit that one could invest in Premium Bonds was raised from £40,000 to £50,000.
The top prize available from these bonds is two £1m jackpots. All bonds have an equal chance of winning but the odds are extremely slim, standing at 26,000 to 1 for a chance of winning any prize at all.
The minimum age to buy a premium bonds is 16 but parents or guardians can purchase the bonds on behalf of somebody this age.
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