Thu Sep 19 13:27:00 UTC 2024: ## NS&I Clarifies Premium Bond Refund Times, Addresses Australian Purchase Queries
**London, UK** – National Savings & Investments (NS&I) has issued a statement clarifying the processing time for Premium Bond refund payments, addressing a customer’s query about the turnaround time. The provider confirmed that refund applications take up to eight working days to process, with funds then being deposited into the customer’s bank account.
NS&I also highlighted the “payment timeline calculator” tool available on their website, which provides an estimated arrival date for single withdrawals. However, the tool is not designed for multiple withdrawals on the same day, for which separate guidance is provided.
Furthermore, NS&I addressed a query about buying Premium Bonds for relatives overseas. While a parent or legal guardian of a child under 16 can purchase Bonds on their behalf, those living outside the UK must have a UK current bank account in pounds sterling to receive the payments. This restriction applies to both online and postal transactions. Once the child turns 16, they will then assume control of their Bond account.
These clarifications provide valuable information for Premium Bond holders seeking to access their funds or purchase Bonds for family members. Customers are encouraged to utilize the resources available on the NS&I website for further details on the process.
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