How quickly should premium bond rewards and monthly interest from NS&I income bonds arrive in a checking account?

The latest Premium Bond draw was the first one I entered and won a £100 prize.

However, the prize did not immediately arrive in my checking account. How quickly should a prize arrive? And would it make any difference if it were a jackpot?

At the same time, I also opened Income Bonds with NS&I for the monthly interest. How quickly should that payment arrive in my checking account?

Helen Kirrane from This is Money responds: Congratulations on your first lucky victory.

Premium Bond holders can choose to receive the prizes paid by bank transfer directly to a checking account, by check or reinvest the prizes to participate in the next drawing.

Depending on the option the saver chooses, National Savings and Investment could take longer to pay a premium.

Income Bonds is NS&I’s easy-access account that pays interest monthly directly to your bank account.

To get expert advice on your question, we asked Rachel SpringallMoneyfacts Compare finance expert, James blowerfounder of the Savings Guru website and Anna Bowessavings expert of the Private Cabinet.

Rachel Springall replies: NS&I stipulates that Premium Bond winners must receive the prize money by the 7th business day of the month, so it is not instantaneous.

Those who prefer to receive a check will have to wait for it to arrive in the mail, which will take longer than a direct payment.

Income Bonds with NS&I pay interest monthly, on the fifth of each month, so if someone depends on their interest to supplement their income, it is essential that they take this into account and make a note in their diary.

James Blower responds: Premium Bonus prize winners have three options with their winnings. They can pay them by bank transfer, check or reinvest them.

If you choose to pay by bank transfer, NS&I will do so by the 7th business day of the month, so realistically it will be the 9th or 10th of the month. This will explain why your reader had a delay in receiving their prize.

If winners choose to be paid by check, it will take a little longer for them to receive it; Most likely it will be around the middle of the month. Those who choose the reinvestment will automatically go to the following month’s draw.

Anna Bowes responds: Interest on the Income Bonds is paid on the fifth of each month or the next business day if the fifth is a weekend or bank holiday.

What happens if you win a big prize?

Anna Bowes responds: If you win a prize of £25,000 or more, NS&I will send you a claim form which you must complete and return before they can pay you the prize.

Claim forms are sent on the third business day of the month.

If you’re lucky enough to win the £1 million jackpot, NS&I’s Agent Million will visit you in person to tell you the good news.

Remember to ask them for their ID before celebrating: they will always have it ready to show you.

You’ll be asked your preferences about where you want the money to go and then they’ll discuss it with you the next day once you’ve had a chance to sleep on it.

This month, visits took place on Sunday, December 1, and NS&I opened Direct Saver accounts and deposited the money on Monday afternoon.