Not a member yet? You don’t need to create an online profile to withdraw money from your or your child’s Premium Bonds. All you have to do is complete a little online form. Make sure you have access to your account information.
Please note that in order to withdraw or close the account, you must be the person responsible for the child’s Premium Bonds.
You can withdraw money from Premium Bonds while ensuring that particular Bonds remain in the draw by filling out a form online.
A cashing in form can also be downloaded, printed, and completed. Then send us your completed form along with the Bond certificates that need to be cashed in (if you have them).
How long do premium bonds take to sell?
What is the time frame for redeeming Premium Bonds? Unless you have chosen to cash in after the next draw, it can take up to three banking days for the money to reach your account, according to NS&I.
Is it possible for me to cash in my premium bonds at the post office?
After July, savers will no longer be able to purchase premium bonds in Post Office offices, according to National Savings & Investments.
Since 1956, the bonds have been sold over the counter, allowing savers to deposit money in a government-backed account in exchange for a chance to win up to £1 million every month rather than receiving interest.
The present contract with the Post Office, however, will not be renewed when it expires on July 31, 2015, due to shifting consumer demand and cost-cutting efforts, according to NS&I.
After that date, bonds can only be purchased directly from the government’s savings provider, via its website, phone, or mail, or by a regular standing order.
One out of every five premium bond sales takes place in a Post Office branch. Over the counter transactions accounted for 750,000 in 2014-15, while direct transactions accounted for 3.2 million. In the same time period, £3.9 billion in bonds were sold in post offices, accounting for a third of all sales by value.
Customers who have recently purchased premium bonds from a post office would be written to and notified of the cessation of over-the-counter sales, according to NS&I’s chief executive, Jane Platt.
She stated, ” “As our partnership with the Post Office comes to an end on July 31st, I’d want to express my gratitude for their support and service to our customers over the years, and I wish them continued success.
“The majority of our clients already purchase premium bonds through direct channels, so NS&I’s move to 100 percent direct sales is a natural next step. Given that these clients already manage and repay their premium bonds directly with us, it should be simple and natural for them.”
Customers have been unable to cash in bonds or make administrative adjustments at the post office since 2013, and have had to deal directly with NS&I for everything but the initial purchase, since 2013.
Despite revisions to premium bonds that cut the smallest reward paid out in half to £25, the savings lottery has remained popular with investors, with over 20 million individuals owning them. The maximum amount that can be stored in bonds has just been increased by £10,000 to £50,000 per person.
The conclusion of the NS&I contract, according to the National Federation of Subpostmasters, demonstrated the Post Office’s issues and the necessity to modernize.
It stated in a statement: “This is very upsetting news, especially for our elderly and more vulnerable clients who rely on subpostmasters for face-to-face assistance with these types of transactions.
“It’s a shame for Post Offices as well, but it’s not surprising. NS&I has made their position clear in recent years, and it is consistent with the government’s larger reluctance to support the Post Office in delivering front-line public services.”
What is the procedure for receiving my premium bonds in my bank account?
Cheques may not arrive until the end of the month through the mail. If you haven’t gotten your check by the end of the month, please contact us and we’ll send you one.
Premium Bonds reward cheques expire after three months for security reasons. Don’t worry if your check has expired; simply ask us for a replacement.
To avoid issues like these, you can have your wins sent directly to your bank account or reinvested into additional Bonds – both of these options are quick, easy, safe, and environmentally friendly ways to get your money.
Is there a way to get money out of premium bonds?
Log in to cash in your or your child’s Premium Bonds if you’ve already registered:
Premium Bonds can also be cashed online without the need for an account. If you wish to cash in certain Bonds or if you aren’t registered, this is the way to go.
You’ll need your account number and bank account information. If you want to cash in specific Bonds, please have your Bond record handy.
You’ll need the holder number for your youngster as well as the information for your bank account. If you’d want to cash in specific Bonds, please have your child’s Bond record handy.
How can I deposit funds into my NS&I account?
A bank transfer may be the best option for topping up your or your child’s funds on a regular basis. You can set up a standing order with your bank to top up more frequently.
You can usually accomplish this online, over the phone, or in a branch. There’s no need to provide your card information; we’ll update your account once the funds have been received. It normally takes two to three banking days for this to happen.
Premium Bonds, Income Bonds, Direct Saver, Direct ISA, Junior ISA, and Investment Account can all be topped up via bank transfer or standing order.
What happens to Premium Bonds when the owner dies?
Premium Bonds cannot be inherited or transferred to another person’s name in the same way as funds from bank accounts and savings accounts can.
Instead, if you’re administering someone’s estate and need to deal with their Premium Bonds, you have two options. The first option is to sell them while they are still in the probate procedure. If you do this, the proceeds from the sale will become part of the estate and will be passed down to the beneficiaries after the estate administration is finished. This is the quickest way for Premium Bond beneficiaries to inherit money.
The alternative is to leave them alone for the time being. NS&I can keep Premium Bonds for up to 12 months following a person’s death. They are still eligible for monetary rewards throughout this time. The executor of the estate or a specified beneficiary can contact NS&I after 12 months to claim the rewards and cash out the Bonds. This will postpone the inheritance of wealth, but it may result in greater money in the end. As the executor, you should consult with the beneficiaries who will receive the estate’s funds to determine which option is best for their individual circumstances.
How do I have my late father’s premium bonds cashed?
They can, however, stay in the monthly Premium Bonds draws for up to a year after the client has passed away.
After the 12-month term has passed, the face value of the Premium Bonds, as well as any prizes won during that time, will be reimbursed to the dead customer’s estate.
To retain the Bonds in the draw, the person in charge of the deceased customer’s money should indicate this on the death claims form.
Any Premium Bonds awards won will be paid via prize cheque to the person entitled to the money – the estate’s executor – after the prize draw.
Any unclaimed awards will be held until the death claim is processed, after which they will be distributed.
Following the completion of the death claim, we will send any future prizes earned by check to the individual who is entitled to the money.
We are unable to award these prizes online or to consolidate and pay them at the end of the year.
What is the procedure for selling my NS&I Premium Bonds?
Logging into your account online, which is available 24 hours a day, is the simplest way to sell or cash in your NS&I Premium Bonds.
If you applied for the bonds online, you’ll already be registered, so all you’ll need is your information. These will include your NS&I numbers as well as the password you’ve created.
On the right-hand side of the screen, once you’ve logged into your account, you should notice an option to ‘cash in’ your Premium Bonds. On the screenshot below, we’ve circled it.
Following that, you’ll be asked if you want to cash in your oldest bonds first or not, and then whether you want to postpone your payment until the next prize draw.
You’d have to wait until the beginning of the next month to get your money back if you chose that choice. If you choose to obtain it right away, NS&I claims the money will be in your designated bank account in three working days.
If you bought your bonds online, your bank account information should already be in the system, so you won’t have to do anything further.
How to cash in NS&I Premium Bonds by phone
If you prefer not to use the internet, you can easily cash in your NS&I Premium Bonds by calling the NS&I phone number.
You are already registered if you applied for the bonds over the phone. Simply dial 08085 007 007 to reach us.
Filling out the Premium Bonds Cash In form
You can withdraw your money by filling out the Premium Bonds Cash In form if you didn’t apply for your Premium Bonds online or by phone.
Simply check the appropriate box in section three of the form to indicate how many bonds you want to cash in.
Simply specify the beginning of the range of numbers in section four if you wish to cash in a specific set of Bond numbers.
If you leave section four blank or check ‘No,’ NS&I will cash in your oldest bonds first.
How will I be paid for my Premium Bonds?
The sixth section of the form is where you specify how your Premium Bonds will be paid out.
You can get cash by direct deposit into your bank account or by sending a warrant, which is similar to a check, in the mail.
According to NS&I, processing your request generally takes eight working days from the time it is received (unless you opted to defer the payment until after the next prize draw).
If you haven’t received your payments by then, contact NS&I ideally by phone at 08085 007 007, as tweeting and emailing can be risky. Here’s where you can learn more about contacting NS&I.
Don’t know what to do with your savings once you’ve cashed your bonds? Check out our full list of places you can get the best deal on your money.
Best time to sell your Premium Bonds
If you don’t have to sell your bonds right away, consider when the best time is to get rid of some or all of your holdings.
This manner, your holdings will have one more chance to win big in the monthly draw before being withdrawn.
Is there any value in premium savings bonds?
- Have a large sum of money to set aside (the more bonds you have, the bigger your chance of winning a prize)
- Interest on savings is taxed (and have already used up your annual cash ISA allowance)
- The concept of a prize draw appeals to me (you could win big, but you also may not win anything)
It all boils down to your personality. Do you get a nice feeling from the element of surprise? What if you didn’t win anything? How would you feel?