NS&I Premium Bonds are no longer available at Post Office branches or on our website as of August 1, 2015. NS&I took this choice as part of a long-term goal to encourage clients to use its direct channels.
We continue to offer a wide selection of savings products at the Post Office to fit our customers’ needs, including ISAs, Instant Saver, and longer-term investments like our Fixed Rate Bonds, which are accessible in branch and online.
How do I purchase Premium Bonds over the mail?
Premium Bonds are held by an amazing 21 million people in the United Kingdom, making them by far the most popular way to save money in the country.
It’s easy to see why: in the May 2018 draw alone, 3,043,434 rewards were distributed, with two women walking away with cheques totaling £1 million.
National Savings & Investments (NS&I) pays out 1.4 percent of the entire amount saved in Premium Bonds every year, which is more than the current best-buy rapid access account’s 1.31 percent.
However, instead of being paid out as a norm, the winning bonds are chosen each month by an electronic random number generator known as ERNIE.
The chances aren’t great 24,000 to one but with a total investment of between £100 and £50,000, you can significantly reduce them. That’s because every £1 you put in gets you a distinct Bond number with an equal chance of winning in a monthly prize draw.
Furthermore, any awards you win are exempt from both income and capital gains taxes.
Is it possible to purchase Premium Bonds over the counter?
Every year, millions of Britons purchase Premium Bonds through the government-backed National Savings and Investments (NS&I).
Instead of paying interest, you’ll be entered into a monthly prize draw for a chance to win one of three tax-free rewards valued up to £1 million.
So, if you’re seeking for a regular income, this isn’t the account for you most people will only ever get a small percentage of what they contribute.
Premium Bonds are simple to obtain; all you have to do is apply on the NS&I website.
Alternatively, you can call 08085 007 007 or +44 1772 329880 to apply over the phone.
They can even be acquired for children under the age of 16, such as for a niece, nephew, or a friend’s child (more on this later).
Parents or guardians must be chosen to manage the child’s finances until they reach the age of 16.
For every £1 you invest in a Premium Bond, you’ll receive a unique bond number. They’ll be entered into the draw once you’ve had them for a month.
Have you already purchased some bonds? Check to see if you were a big winner in the most recent lottery.
I live outside the UK. Can I still buy Premium Bonds?
The first step is to determine whether you are permitted to hold Premium Bonds under local legislation. Premium Bonds may not be possible or practical to hold in the United States because to strict gaming and lottery legislation.
If you live in a country where they are legal, you must submit your initial application by mail. After you’ve set up your holding, you may sign up for NS&I’s online or phone service.
You can then manage your account online or over the phone (if you don’t mind the fees), which includes purchasing new bonds or cashing them in.
You also have the option of receiving prizes via BACS to a UK bank or building society account, or an NS&I Direct Saver or Investment Account (you’ll be notified of any changes via email), as well as receiving paperless documents.
Bonds can only be purchased with a personal debit card issued by a UK bank or building society online or over the phone. Prizes will be paid out in pound sterling wherever you are in the world.
Can I buy Premium Bonds for a child, even if they aren’t family?
Until the kid reaches the age of 16, the bonds are managed by the parent or guardian named on the application, regardless of who purchases them.
Until the child turns 16, the bond record, any prizes received, and payment for cashed in bonds will be forwarded to the selected individual.
Previously, only grandparents and great-grandparents were allowed to buy Premium Bonds for their grandchildren, but the regulations have been relaxed, and you can now buy them for any child, regardless of link.
Premium Bonds for youngsters can be purchased online at this NS&I gift website or by mail. You can also apply over the phone if you’re purchasing Premium Bonds for your own child.
If you want to apply by mail, go to this page, fill out the appropriate form, and mail it to:
Is it possible to purchase savings bonds at the post office?
Although the current 2.2 percent interest rate on Series I savings bonds is appealing, purchasing the bonds has grown more difficult. Paper Series I and EE savings bondsthose handy envelope stuffer giftscan no longer be purchased in banks or credit unions; instead, you must purchase electronic bonds through TreasuryDirect, the Treasury Department’s Web-based system. Our correspondent discovered the procedure of purchasing a savings bond for her little nephew to be cumbersome. Here’s some assistance:
Is it possible to open an NS&I account at a post office?
The Post Office will no longer be used by National Savings and Investments (NS&I). No new accounts can be opened during this time, however people with existing Investment Accounts can continue to use them at Post Offices and via mail.
How can I purchase UK government bonds starting in 2021?
Investing may be a risky business, and how you choose to invest will be determined by your risk appetite. Government bonds are generally thought to be a safer investment than stock market or business bond investments. UK government bonds, often known as gilts, can be purchased through UK stockbrokers, fund supermarkets, or the government’s Debt Management Office. Bonds are fixed-interest instruments designed to pay a consistent income that governments sell to raise funds.
Can I purchase Premium Bonds for my grandson on the internet?
Grandparents can purchase premium bonds for their grandkids just as they can for themselves.
They can purchase them online, over the phone, or by mail, but they must first register with NS&I.
Once grandparents have created an account, they will be responsible for it until their grandchild reaches the age of 16.
When are Premium Bonds issued?
Each month’s draw and winning bonds are announced on the first business day of the month. Sometimes, this will be the first day of the month, while other times, due to a weekend or bank holiday, you may have to wait a little longer.
Do old Premium Bonds ever come out on top?
Is it still possible to use my old Premium Bonds? Yes. Your Bonds are still valid and will be included into our monthly prize draws as long as you haven’t cashed them in.
What is the procedure for redeeming old Premium Bonds?
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 brief 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).
Payroll Savings Plan
In the United States Savings Bond Program, the Postal Service collaborates with the Department of Treasury. Employees can authorize withholdings from their pay to buy bonds under the programme.
Notification
The PMG chairs an annual bond drive and names a vice president to serve as vicechairperson. To carry out the effort, the vicechairperson appoints a national coordinator and functional coordinators. The push is mostly performed through direct mail to employees.
Employee involvement in the Savings Bond Program through payroll allotments is encouraged throughout the Postal Service through this program. Except for those in timelimited or intermittent appointments, all employees receive complete information and have the option to join the plan or raise their current allotments. This decision must be made alone by the employee, without any direct or indirect pressure or coercion.
Employees are reminded of the financial benefits of bond investing on a regular basis. Impending retirees are told about the benefits of converting Series E bonds for Series H bonds. The benefits of the program must be explained to all new employees. Each employee is given the opportunity to participate in the payroll savings plan during their orientation.
Enrollment
To allow deductions by pay period and to change deductions or bond denominations, employees fill out PS Form 1192, U.S. Savings Bond Authorization for Purchase and Request for Change. The completed form is delivered to the Eagan Accounting Service Center (ASC) for data entry during the yearly Savings Bond Drive. Authorization forms that require data entry are transmitted to the local distributed data entry/data recording (DDE/DR) site at all other times.
An employee can cancel the authorization at any time by writing to the payroll office and demanding revocation. Discontinuance takes effect the first pay month following the payroll office’s receipt of the written revocation.
When deductions are sufficient to pay for bonds, the Eagan ASC issues and mails them. Bonds with a face value of $100 or more are dated on the first day of the month in which the pay period ends and at least half of the purchase price has been accumulated. If an employee is separated from service or withholding authorisation is canceled, the ASC refunds any withheld deductions that are insufficient to acquire a bond.
Employees’ personal information is contained in bond allotment records. As a result, these records must only be handled and shared in accordance with the Privacy Act and its implementing regulations. Under USPS 050.020, Finance Records Payroll System, allotment records and accompanying communications are kept in the privacy system.
Reports
The Eagan ASC generates statistics that reflect the number of employees actively registered, as well as their percentage of participation, by performance cluster and location. No lists or reports containing the names and/or titles of participants or non-participants in the bond program are to be established or retained.