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1260409

registered interest
date	10/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Premium Bonds: Cheques
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the effect of the decision to discontinue sending paper prize warrants to winners of Premium Bonds prizes on the proportion of Premium Bond prize entitlements which are not paid out.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	128252
answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>The statistics show that paying prizes directly to the customers bank account has reduced the proportion of Premium Bonds prizes that go unclaimed compared to issuing warrants (cheques).</p><p> </p><p>Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Between 2011 and end of June 2018, NS&amp;I paid out 110,300,054 prizes by warrant. Of these 569,461 (0.5%) have not yet been cashed and are therefore deemed unclaimed. In comparison between 2011 and December 2020, NS&amp;I have paid out 72,385,607 directly to customers’ bank account. As of September 2020, of these 8,610 (0.01%) of the prizes have not been claimed.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 15/12/2020 14:21:06 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1260410

registered interest
date	10/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Savings and Investments: Cheques
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will place in the Library the NS&I policy on sending paper prize warrants to its customers.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	128253
answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Since March 2020, <del class="ministerial">nearly half a million</del> <ins class="ministerial">more than 750,000 </ins>customers have switched from receiving paper warrants (cheques) to having their prizes paid directly into their bank account or automatically reinvested. As of December 2020, 82.5% of Premium Bonds prizes were either paid directly into a UK bank account or reinvested back into Premium Bonds.</p><p>The decision by NS&amp;I announced on 17 September 2020 to pay all Premium Bonds prizes direct to customers’ bank accounts was informed by changing customer behaviours. It will make managing Premium Bonds prize distribution quicker, more cost-effective and have a much lower environmental impact.</p><p>Paying prizes directly to the customers bank account also reduces the proportion of Premium Bonds prizes from going unclaimed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/12/2020 14:19:06 question first ministerially corrected 04/01/2021 13:26:49 answering member 4051 label Biography information for John Glen previous answer version 69294 answering member constituency Salisbury answering member printed John Glen answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds