Some assets (such as a joint bank account) can be owned jointly with another individual, allowing the assets to flow to the survivor owner after the other owner dies. Outside of the estate, other assets can be designated to a beneficiary (such as life insurance). The assets in these cases can be administered without the need for a probate grant.
Premium bonds can’t be held in a joint account with someone else. Furthermore, premium bonds cannot be designated to pass to a beneficiary when the owner passes away. If the entire worth of NS&I items exceeds £5,000, you have no choice but to file for a grant of probate.
Is it possible to personalize Premium Bonds?
If you have Premium Bonds, you can simply update your address and contact information for yourself or your child by filling out a simple online form. There’s no need to register or send us any documents.
You’ll need your holder’s number, as well as your old and new contact information.
When a premium bond holder passes away, what happens?
Any rewards won will be paid by warrant (like a cheque) to the person entitled to the money when we’ve processed the claim once we’ve received notification of the customer’s death. Any prizes the customer wins before then will be held and sent once the claim is finalized. Then, after each prize draw, we’ll send any future prizes earned by warrant to the person 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.
Is it possible to own NS&I Income Bonds jointly?
We calculate interest daily and deposit it into your account on the 5th of each month, or the following working day if the 5th falls on a weekend or holiday.
Yes, because the rate is variable, we can adjust it up or down as needed, such as when the Bank of England base rate changes or when rates in the broader savings market vary. For further information, see the customer agreement (terms and conditions).
We’ll update our website and literature as quickly as possible if the rate changes. If the rate drops, we’ll contact you directly to let you know.
If the current interest rate of 0.50 percent gross/AER remained constant throughout the course of the year, a £1,000 deposit would yield £5.00 in interest. Because interest is paid on a monthly basis, the balance would stay at £1,000 at the end of the year.
This is only an example, and it doesn’t take into consideration your specific situation.
It is assumed that you do not make any extra deposits or withdrawals during the year.
Customers must be 16 years old or older to open an Income Bonds account. You can open a joint account with another individual or in your own name. You can also invest in someone else’s trust.
- Open an account with a minimum deposit of £500, which can be paid with a debit card or a personal check drawn on a UK bank account in your name.
Yes, you can withdraw money without warning or penalty via the internet, phone, or mail. The minimum withdrawal is £500, and you must maintain a £500 balance to keep your account open.
We pay your interest without taking into account any taxes. The interest, however, is taxable and will be deducted from your Personal Savings Allowance.
In April of each year, we’ll send you an electronic statement detailing all of your transactions and interest. If you want, you can receive your statements by mail.
The AER (Annual Equivalent Rate) shows what the annual rate of interest would be if interest were compounded every time it was paid. The advertised rate and the AER are the same when interest is paid annually.
Is it possible to have dual NS&I accounts?
Income Bonds are a sort of investment that pays the holder interest on a regular basis. You can invest anywhere between £500 and £1 million in total across all of your Income Bonds accounts. You can also get your money back at any time, with no notice or penalties.
Interest is deposited into your bank or building society account on a monthly basis. Interest rates fluctuate.
The National Savings and Investment (NS&I) website has more information and an application form.
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 contact Nsandi via email?
Our devoted team will work hard to fix your issue as quickly as possible. In our booklet, we describe how we handle complaints.
You can also send us an email; please remember to include your postal address so that we can respond.
If we are unable to settle your complaint satisfactorily, you may be entitled to report it to the Financial Ombudsman Service, which is a free and impartial dispute resolution service:
Complaints data
We have a fairness and openness ethos. As a result, and in accordance with other financial services companies, we’ve decided to make our complaints data public on our corporate website.
Is it possible to give my Premium Bonds to someone else?
Purchasing Premium Bonds from NS&I is simple: you can do it online, over the phone, or by mail whether you live in the UK or overseas, or if you wish to purchase them as a gift for someone else (or for their children).
Is it possible to cash in my parents’ savings bonds?
If you are now the owner of the savings bonds or if your parent listed you as the survivor beneficiary on the bonds, take them to a bank or other financial institution. In the presence of a bank official, fill out the redemption form on the back of the bonds and sign it. A driver’s license or other form of identification is required. You must also provide proof of death if you are mentioned as a survivor. This is usually done by a verified copy of the death certificate. The bank will redeem the bonds and pay you the proceeds.
Is it possible to cash in my child’s 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 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).