NS&I has announced that, from the December 2020 Premium Bonds prize draw, they are stopping prize payments by warrant (like a cheque) and will be paying prizes straight into customers’ bank accounts instead. It’s quicker, easier and safer than waiting for a cheque to arrive in the post. They will be doing this in phases, and by March 2021 they will no longer send any prize cheques through the post. Premium Bonds customers can also continue to choose to have any prizes reinvested into more Premium Bonds, up to the maximum holding of £50,000.
Whether you have your prizes paid to your bank accounts or reinvested, you can choose to be told the good news by email or text message.
You will need to tell NS&I your bank details to carry on receiving any prizes. They will hold on to any prizes you win until they have these bank details. Visit their website for details on how you do this.