Bonds offer you a unique opportunity to save your money while also giving you the chance to win tax-free prizes each month. NS&I Premium Bonds are a popular savings product designed to make saving both fun and rewarding. By purchasing Bonds, you enter a monthly prize draw where you could win prizes ranging from £25 up to £1 million.
To get started, you can buy Premium Bonds with a minimum investment of £25 and hold up to £50,000 in total. If you buy more than £50,000 worth of Bonds, any amount above that will not be eligible to win prizes. You can buy Bonds online, by phone, or by post, making the process flexible and convenient. If you hold an NS&I Direct Saver, switching money from that account to Premium Bonds can be done easily through a simple online form or paperwork by post.
The prize fund rate linked to Premium Bonds is variable, meaning it can change over time. Instead of earning standard interest, Bonds enter a prize draw funded by this prize fund rate. This build your chances of winning tax-free prizes every month. Every £1 Bond you hold gives you one chance in the draw, so the more Bonds you have, the more chances you get to win.
Managing your Bonds is straightforward. After purchasing, you’ll receive a holder’s number that uniquely identifies your Premium Bonds. You’ll need this whenever you want to buy more Bonds, check your prizes, or cash in your Bonds. The holder’s number is different from the NS&I number you get when registering for their online and phone services. You can check your prize results quickly using the online prize checker, the mobile app, or even via Amazon Alexa. NS&I makes it easy to find out if you’ve won and keeps you updated.
When you win a prize, NS&I will normally pay the money directly into your bank account or NS&I Direct Saver within seven working days of the draw. You can also choose to have winnings automatically reinvested into more Premium Bonds, increasing your chances of winning again. If you prefer, you can receive cheques by post, though it takes longer. Big prize winners, including those who win £5,000 or more, may need to complete a claim form before receiving their money. In the case of winning the £1 million jackpot, NS&I’s Agent Million will personally deliver the news and prize to your home.
Parents or guardians can buy Premium Bonds on behalf of children under 16. The adult named on the application manages the Bonds until the child turns 16, after which the child takes control. You can buy Bonds as a gift for children, and NS&I will issue gift cards and confirmations to help you keep track of these Bonds.
Cashing in your Bonds is simple. You can do this online, over the phone, or by post, either fully or partially. Whether you want to withdraw specific Bonds or all of them, NS&I provides several options to suit your preferences. If you choose the postal route and do not have a printer, you can call NS&I to request a form by mail.
NS&I Premium Bonds provide you with a secure way to save your money with the excitement of monthly prize draws and the chance to win significant tax-free prizes. With flexible buying options, easy management, and straightforward prize payments, you’re supported every step of the way on your saving journey.