NS&I: prize cheques [rant]

Apr 15, 2009 4 Replies
A

OK, so lucky enough to get 2 prize cheques (of the new GBP25 variety) this morning (first I've had this year).



Bloody hell: 2 identical envelopes with one cheque/warrant and 2 inserts in each. Waste of paper/postage.



Why the hell can't NS&I do something about putting them in the same envelope (it's the same holder id!), and why the hell can't NS&I think about using BACS (and sending me an e-mail to check prizes via the nsandi.com website prize checker that they already offer) or send an annual paper statement (if there are any prizes in that year).



Is this turning into a demented one-person rant/crusade about NS&I's paper-based admin? Probably :-)



I wonder if Judith Smith will be along shortly to provide some input?


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R

or having the option to reinvest all winnings into more premium bonds.

I supoose the problem with that would allow people to build up holdings bigger than the maximum. To avoid that they would need to say reinvest until the max was held and then send cheques. but then people would reduce their holdings a little to leave some headroom for reinvestment andthat woul dreduce the total investment, which is not what NSI want.

Robert

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A
[snip]

IIRC when there was a limit(*) on Savings Certificates (also NS&I), it could be exceeded in certain circumstances (e.g. inheriting savings certificates). For a Premium Bond reinvestment programme, I suggest it would be possible to build exceeding the limit into this into the reinvestment programme - with a bit of imaginative thinking (which seems somewhat lacking at NS&I). Perhaps provide one limit for purchases and a second higher limit for reinvestment.

(*: IIRC, the reinvestment limit on Savings Certificates was removed in

1997)
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T

They do!

I've no idea how they control this. I haven't won enough yet (unfortunately)

tim

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D

There is a reinvestment option.

I believe that is what happens, although they will still post you the additional bonds.

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