Dealing with Premium Bonds after someone's death Assets are generally sold or encashed during the administration period, although some can be transferred to beneficiaries who wish to keep the holding.
The Executor can trace and claim Premium Bonds belonging to the deceased either online or by post. If applying by post, they must include a copy of the death certificate and the Will. If applying online, the Executor must complete a bereavement claim form.
Premium Bonds
You can cash in all or part of your Bonds at any time. If you're registered to manage your savings online or by phone, simply log in or call us.
Drawbacks of Premium Bonds
If you want a regular income, Premium Bonds may not be the best option for you - you may be better off looking at different types of investment or savings accounts, including isas. You'll also receive no interest, as the interest accrued on bonds goes towards the prize fund.
If you have Premium Bonds, you can easily change yours or your child's address and contact details by filling out a simple online form. No need to create an account or send us any paper. You'll need your holder's number to hand, as well as your previous and new details.
You can ask us to send you an electronic or paper gift card for you to pass on to the child. We'll also send you an acknowledgement of your investment. But only the nominated parent or guardian will be able to manage and cash in the Bonds.
You can gift a savings bond to adults or children. A child under 18 can have a TreasuryDirect account if the child's parent or other adult custodian has a TreasuryDirect account and sets up a linked account for the child. In TreasuryDirect, you can give anyone either EE or I savings bonds.
While Cash ISAs and Premium Bonds are very low-risk, they are unlikely to offer high returns. If you're happy to take more risk for the possibility of better returns, then a Stocks and Shares ISA might be better for you.
In the past 12 months, the average holding of the 24 people to win the top prize has been £34,876. Nine of these winners — or just over a third — had the maximum £50,000 invested.
If you do win, there a several methods of how to cash in your premium bonds. Prizes can be paid into a UK bank account or you can choose to reinvest, putting your winnings back into premium bonds. To cash in your premium bonds you'll need your your holder's number and bank account details to hand.
Get a certified copy of the death certificate for everyone who has died who is named on any of the bonds. Have each person who is entitled to a distributed bond also fill out and sign the appropriate forms: If they want cash for their bond: FS Form 1522.
Are my old Premium Bonds still valid? Yes. As long as you haven't cashed your Bonds in, they're still valid and they're still being entered into our monthly prize draws.
On average, even with 50,000 bonds, you would wait 99,450 years before having an even chance of winning one. In the two hundred millennia since Homo sapiens first appeared, you might have expected two.
How to claim Premium Bonds after a death. The Executor can trace and claim Premium Bonds belonging to the deceased either online or by post. If applying by post, they must include a copy of the death certificate and the Will. If applying online, the Executor must complete a bereavement claim form.
Our Premium Bonds give you the chance to win cash prizes from £25 up to £1 million in our monthly prize draw. If you're a lucky winner, you won't have to pay a penny in tax on your prize. If you already hold some of our Savings Certificates, you won't have to pay tax on any returns you earn.
How long does it take to cash in Premium Bonds? According to NS&I, it takes up to three banking days for the money to reach your account, unless you have elected to cash in after the next draw.
In January 2023 NS&I announced an additional Premium Bond prize rate increase was to take effect at the start of February. The prize rate is now 3.15% and the chances of a win at the monthly draw are 1 in 24,000.
We pay out two £1 million jackpots each month. We then divide the balance of the prize fund share allocated to the higher value band equally among the remaining prize values.
Premium Bond investors that are found to have too many Bonds in their name will have the extra cashed in and refunded — minus any prize money. If the prize money won is worth more than the extra bonds held, NS&I will ask for the cash back.
Some of the disadvantages of bonds include interest rate fluctuations, market volatility, lower returns, and change in the issuer's financial stability. The price of bonds is inversely proportional to the interest rate. If bond prices increase, interest rates decrease and vice-versa.
If you're looking for a low-risk, tax-efficient way to save money and potentially win some extra cash, premium bonds may be a good option for you. However, if you're looking for a more traditional savings account with tax-free savings and a guaranteed interest rate, a Cash ISA may be a better fit.
Once in your TreasuryDirect account, the bond will be registered in your name alone. You can then add either a secondary owner or beneficiary.
You can gift a savings bond to adults or children. A child under 18 can have a TreasuryDirect account if the child's parent or other adult custodian has a TreasuryDirect account and sets up a linked account for the child. In TreasuryDirect, you can give anyone either EE or I savings bonds.
You may cash a savings bond for a child (a minor under the age of 18) if all of these statements are true: The child is too young to understand a request for payment. You are the child's parent. The child lives (resides) with you OR you have been granted legal custody of the child.