The National Savings & Investments (NS&I) is set to introduce a brand new Premium Bonds payment method. It will allow customers to top up their accounts and give easy access to other savings accounts.
People will soon start noticing a "pay by bank account" method in their payment options. It is set to be a quicker and safer way for customers to top-up their savings online.
As reported by The Express, the new option will be available to anyone with easy-access variable rate accounts. These include Premium Bonds, Direct Saver, Direct ISA, Income Bonds and Junior ISA.
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Dax Harkins, NS&I Chief Executive, said: "I am pleased that NS&I is able to offer our customers the benefits of the latest banking technology to top up their easy-access savings accounts. Customers with most UK major banks and building societies will soon find that they can smoothly make transfers into their NS&I variable savings accounts as we start to roll out Pay by bank account over the coming weeks."
People may be familiar with the "pay by bank account" technology already. It can be used when paying a credit card bill or making an online charity donation.
NS&I says it enables customers who use online banking or a banking app to easily transfer funds by connecting directly to their bank. It will automatically fill in the customer's NS&I account details to ensure the money reaches their account "seamlessly".
Under the new option, customers will be transferred to a Trustly Company named Ecospend. They will then select the bank they wish to make their payment from.
The highest amount you can can typically pay by this method is between £10,000 and £50,000. Each bank has their own limit.
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