Why do I need to provide my Bank Account details?

With State Savings Online, you may initiate repayments into your nominated personal bank account or choose to have any Prize Bond winnings (sole holdings) paid directly into your nominated bank account. In order to provide this functionality State Savings requires your bank account IBAN (International Bank Account Number) and for you to confirm you are a named holder on the account.

It is not necessary to provide your IBAN when you register for State Savings Online. However, it will be required should you decide to cash in any of your sole holdings online or if you choose the Prize Bond winnings payment option .

Please be careful when providing your IBAN as if incorrect details are entered your payment might be delayed, or credited to the wrong account which may result in a financial loss.

The IBAN will be saved and used for all of your future State Savings sole payments (online and/or offline) and the transfer of any sole Prize Bond winnings to your bank account if you have previously instructed us to process prize payments to your bank account.

If you have previously provided IBAN details to State Savings, please note that the IBAN provided online will replace the existing details on our records.