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Premium Bonds warning as repeated error leaves NS&I customer locked out of account | Personal Finance | Finance

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A Premium Bonds customer has been unable to log in to her account online as her account details come up as already existing.

The woman’s daughter first contacted NS&I about the issue on April 20, in a message over X. She said: “My mum bought Premium Bonds two weeks ago and has not been able to log in online.

“It goes through all the security and then we get account already exists. User with email (Premium Bond number) already exists how do you want to continue. Help please.”

A representative replied the same day and said: “Hello – this is a technical issue we’re aware of an our technical team are working to fix the issue as soon as possible.

“If your mother can call us on 08085 007 007 an advisor can take her details and pass them on to the team.”

But the issue was seemingly not resolved, as the daughter contacted NS&I again on May 2 to ask: “Is there an update on this issue as we still can not get in.”

The provider asked if the customer was having the same problem as before, and the woman said it was the same issue.

NS&I said in reply: “To see if there’s been an update, you will need to call us on 08085 007007.

“Our Facebook/Twitter/email/webchat channels can only answer general questions about NS&I products and services.”

The savings scheme was recently criticised as those who hold more Premium Bonds stand a better chance of winning a prize.

Chris Demetriou, co-founder of Archimedia Accounts, told : “Premium Bonds are a cultural treasure for millions, but there’s no denying that pure statistical probability overwhelmingly favours those able to dump £50,000 into the draws over persons of more modest means.

“At the same time though, who among us hasn’t daydreamed about what we’d do if our own Bond number got plucked from the millions?

“Their blend of structure savings with a dash of chance has undeniably captivated the British public.

“It’s undeniable that those who can invest tens of thousands of pounds have a statistically much higher chance of winning compared to someone putting in a few hundred here and there.”

Mr Demetriou suggested some ideas for how the prize draw system could be made fairer. He said: “Some ideas I’ve thought could help are capping the maximum number of Bonds held to limit very high chances of winning, combining that with a tiered prize structure, and possibly rewarding longer-term investors with a small return guarantee.

“Spreading out smaller but more frequent wins across modest and significant bondholders alike also seems a sensible adjustment.

“Overall, the aim should be proportional fairness over rigid equalization. With thoughtful changes, I believe Premium Bonds could continue delighting participants both young and old for years to come while addressing criticisms in a balanced manner that respects all perspectives.

“As with many issues, the ideal solution seldom lies at the extremes, but in pragmatic compromises.”

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