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Paying more for your Premium Bonds

A technical error saw double the amount of money debited from the accounts of Premium Bond savers than they expected.

More than 20 million Britons invest in the tax-free, Government-supported bonds. While they don’t pay interest, they do offer savers a share in a monthly prize draw in which one person wins a million, and thousands more win smaller prizes, starting at £25.

A spokesperson for the scheme, which is run by NS&I, said: ‘We experienced a technical issue on Thursday night through to Friday lunchtime last week - 24th and 25th February - where a maximum of 1,600 NS&I customers who made payments online were debited twice. This problem has now been rectified.’

But as of Monday night, investors’ money had not been returned. Victor Taylor, 65, of Stockport, has been in Premium Bondage for 20 years. Last month he made a payment of £350, only to find a total of £700 was taken from his account.

He said: ‘They need to put it right. People might not know about it and so they need to check their bank accounts.’

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