NS&I is introducing a brand new fee technique of on-line prospects who wish to prime up their Premium Bonds and different quick access financial savings accounts.

Customers will begin noticing the brand new possibility, often known as "Pay by bank account" shortly of their fee choices.

The Government-backed financial savings supplier stated it's a fast, straightforward and safe method for patrons to top-up their financial savings on-line.

It will likely be rolled out to prospects with easy-access variable charge accounts, specifically Premium Bonds, Direct Saver, Direct ISA, Income Bonds and Junior ISA, steadily.

Dax Harkins, NS&I Chief Executive, stated: “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.

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"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.”

Customers could have used the 'Pay by checking account' know-how earlier than, akin to when making a self-assessment fee with HMRC, 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 their money reaches their account "seamlessly".

As the new option for topping up deposits is rolled out, customers will be transferred to Ecospend.

They will then select the bank they wish to make their payment from, and then be securely transferred to their chosen bank to approve the payment.

Online customers will be able to make payments via bank transfer and debit card as usual, if they prefer,

People who cannot make online transactions can continue to make additional deposits by telephone, calling NS&I's customer service teams.

Customers don't need to do anything to their account.

The new Pay by bank account feature will automatically appear during the roll out in the coming weeks.

Banks have different limits on how much money can be transferred by this technology, and limits are typically between £10,000 and £50,000.

NS&I will announce the winners of the June 2023 Premium Bonds prize draw this week, on Thursday June 1, and the prize checker app will likely be up to date quickly after.