NS&I warning for Premium Bonds saver as detail is 'required by law'

A customer got in touch as they had encountered a system error

A customer of NS&I has flagged up a system error when inputting their details not being saved correctly. The individual contacted the Premium Bonds provider, stating: "I set up an account this morning and paid in £100. It's out of my bank account but isn't showing in my ns&i account.

"Also, I entered my name correctly as Mackay but the system has logged my name as MacKay. Do I need to change this or does it not matter?"

NS&I replied, stressing the importance of having their name spelt correctly on the system. They said: "It takes seven working days for funds to clear and show in your available balance when you deposit funds using debit card."

"Please call us on 08085 007 007 so we can amend your name as this may prevent you from proving your evidence of identity." According to a webpage on the NS&I's website, verifying one's identity is a legal requirement.

The webpage states: "Like all financial institutions in the UK, we're required by law to check your identity and address when you apply to invest with us or register for our online and phone service. We might also need to check your identity at other times, to keep our records updated."

A customer recently reached out to NS&I with a query about the system. They asked: "Trying to download the Premium Bonds power of attorney form from your website but it's giving me the form for buying Premium Bonds for under 16s. Can you send the correct form and fix the link on your site?"

However, the provider clarified that this was indeed the correct form. The group responded: "If applying for Premium Bonds as an Attorney, you would use this form as it is to buy Premium Bonds for yourself or your child under 16. We'd need you to complete the form with the details of the Donor, and supply the proof of the Power of Attorney on a cover letter (this can be either an original or certified copy of the Power of Attorney document, or a Power of Attorney access code which is generated for us)."

Every £1 Bond enters the monthly prize draw with an equal chance of winning a prize, ranging from £25 up to the £1million jackpot. Each saver can hold up to £50,000 in Bonds with many customers arranging their settings so any winnings are used to buy more Bonds, thereby increasing their chances of winning again.