More than 3.000 savers last year were paid roughly £600 by Premium Bond provider National Savings and Investments (NS&I).
According to the provider's annual accounts, the mistake set them back around £2 million. While some savers could have received more than £600 and some could have received less, this is still the average payment made.
It comes after the NS&I paid a higher interest rate to people who had Guaranteed Growth Bonds and Guaranteed Income bonds before they needed to. The interest rate change was implemented on October 26, 2022 when it should have been on December 1.
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It meant those with Bonds maturing between October 26 and November 3, when the mistake was discovered, had access to a higher interest rate than they were actually entitled to at the time. Despite the huge blunder, the provider said it would honour the higher rates paid and all those affected will not need to pay the money back, the Mirror reports.
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An NS&I spokesperson said: "On 26 October 2022, an interest rate change, due to be made to Guaranteed Growth Bonds and Guaranteed Income Bonds on 1 December 2022, was implemented early in error. This was corrected on 3 November 2022, but the error resulted in those customers with Bonds maturing between 26 October and 3 November having access to a higher interest rate than they were entitled to at the time.
"We honoured the higher interest rate they were offered in error.”
