How are customers affected?
Premium Bonds customers need to ensure NS&I has their up-to-date UK bank account details, along with an email address or UK mobile phone number, NS&I has said.
The latter information is so the customer can be notified of any prize wins they may have.
Ahead of the phasing out from December 2020, NS&I is urging customers to do this as soon as possible. NS&I has said it will never call customers and ask for their bank details.
From December 2020, due to the phasing out, some Premium Bonds customers will not receive prize warrants, with all customers no longer receiving prize warrants from March 2021.
These customers will instead be issued with a prize claim letter, telling them how to arrange payment of their prize.
The February 2021 Premium Bonds prize draw will be the last prize draw in which prize warrants will be issued by NS&I.