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Premium Bonds

A fun way to save, with the chance to win tax-free prizes each month.

Essentials at a glance

Great for you if …

  • You fancy winning tax-free prizes, up to £1 million
  • You have £25 or more to save
  • You want to make the most of tax-free saving
  • You want to buy a savings gift for children under 16

Maybe not for you if …

  • You want a regular income
  • You’re looking for guaranteed returns
  • You’re concerned about inflation
  • You want to save jointly with someone else

Premium Bonds FAQs

How it works

How do I buy Premium Bonds?

Each investment must be at least £25.

Buying online

You can buy Premium Bonds online using our secure online system. Please have your debit card details at the ready.

Buying over the phone

You can call us all day, every day. Please have your debit card details ready. (Please note: if you’re buying Bonds for someone else’s child, you can’t buy them by phone. We don’t accept credit card payments.)

Buying by post

Simply complete an application form and send it to us, with a cheque payable to NS&I.

Print and complete an application form:

Bank transfer or standing order

If you or a child you’re buying for already have some Premium Bonds, you can buy via bank transfer (including standing order).

How do I buy Premium Bonds for people under 16?

Premium Bonds can make a special gift for a child under 16. Until the child’s 16th birthday, the parent or guardian named on the application looks after the Bonds, regardless of who bought them.

We’ll send confirmation of any transactions made, prizes won and payment for cashed-in Bonds to the nominated parent or guardian until the child is 16.

Buying for your own child

Parents or legal guardians can apply online, by phone or by post. If your child already has some Premium Bonds and you want to buy some more online or by phone, you’ll need to be registered first. This could take a few days while we set up your registration.

Buying for someone else’s child

You can apply online or by post. 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.

Before you apply for someone else’s child:

  • Please make sure the parent/guardian is happy to look after the investment for the child, and agrees to you giving us their details
  • We’ll check the identity and address of everyone named on your application, and we may need to ask for documents to prove this
  • Please let the parent/guardian know that we might be in touch to ask for evidence of identity documents

As part of your application you’ll need to know:

  • The parent’s/guardian’s date of birth and address
  • The child’s Premium Bonds holder’s number (if they have one)

How does the interest work?

With Premium Bonds, there is no interest earned. Instead the interest rate funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time.

Can I move money from another NS&I account to Premium Bonds?

Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.

Only use if switching from another NS&I account or Investment

Only use if switching from another NS&I account or Investment

Prefer the post?

It will take a bit longer, but you can still download and send us a paper form in the post.

Your Bonds and the prize draw

How do I look after my Bonds?

Once you’ve bought your Premium Bonds you can manage them online and by phone.

Log in or call us to check your balance and transactions, including any prizes you’ve won.

You can also give us instructions by post. We’ll send you confirmation every time you buy or cash in your Bonds. You can get this by post, too. Or choose to go paperless.

Your holder’s number

We give a holder’s number to everyone who owns Premium Bonds. It links all the individual Premium Bonds you have. Quote it whenever you buy more Bonds, cash them in or have a query.

Just to note, it’s different to your NS&I number, which we give you when you register for our online and phone service.

How can I get my prizes?

For most prizes, we’ll send them automatically through your chosen payment method. For a prize of £5,000 or more, we may need to check with you first before paying it. If so, we’ll send you a claim form to complete and return.

You can choose to either:

Have your prizes paid directly to your bank account

You’ll need to make sure you’re registered to manage your savings online first. Then simply log in, go to ‘Your profile’ in the top menu and click ‘Your prize options’. Click ‘Change’, follow the instructions and remember to click ‘Save’ when you’ve finished.

Automatically reinvest your prizes into more Bonds

You can also choose to get your prizes reinvested, meaning your Bonds will go straight into the next prize draw. Your chances of winning will increase each time you win a prize! You can do this if you have less than £50,000 invested in Premium Bonds.

Simply log in, go to Your profile in the top menu and click Your prize options. Click Change, follow the instructions and remember to click Save when you’ve finished.

Before you set up an automatic reinvestment:

  • Only future prizes will be eligible for automatic prize reinvestment. We’ll need a few days to set up this service for you, so don’t leave it too late in the month.
  • After we’ve set up your automatic reinvestment, we will issue new Bonds for you whenever you win a prize, and tell you which of your numbers won.

How do I cash in my Premium Bonds?

You can cash in all or part of your Bonds at any time.

Have you registered for our online and phone service? If so, simply log in or call us.

You can also cash in Premium Bonds online without having to create an account. Perfect if you want to cash in specific Bonds or you’re not registered.

You’ll need your holder’s number and bank account details to hand. Please also have your Bond record ready, if you’d like to cash in specific Bonds.

You’ll need your child’s holder’s number and your bank account details to hand. Please also have your child’s Bond record ready, if you’d like to cash in specific Bonds.

Prefer the post?

Download, print and complete a cashing-in form. Then post your completed form to us together with the bond certificates to be cashed in (if you have them).

Don’t have access to a printer? Call us and we’ll send you a copy of the form.

How does the prize draw work?

We pay out over three million prizes every month to lucky Bond holders, whose numbers are generated at random. Prizes range from £25 to £1 million and are all tax-free. Want to find out more? Head to our blog.

Can my prizes be used to buy more Bonds?

You can choose to get your prizes reinvested, meaning your Bonds will go straight into the next prize draw. Your chances of winning will increase each time you win a prize!

You can do this if you have less than £50,000 invested in Premium Bonds.

Simply log in, go to Your profile in the top menu and click Your prize options. Click Change, follow the instructions and remember to click Save when you’ve finished.

Before you set up an automatic reinvestment:
  • Only future prizes will be eligible for automatic prize reinvestment. We’ll need a few days to set up this service for you, so don’t leave it too late in the month.
  • After we’ve set up your automatic reinvestment, we will issue new Bonds for you whenever you win a prize, and tell you which of your numbers won.

Not registered to manage your Bonds online?

Just fill out a quick online form and we’ll take care of the rest.

Reinvesting for yourself? You’ll need your holder’s number to hand.

Reinvesting for your child? You’ll need your child’s holder’s number to hand. You can only reinvest your child’s Bonds if you are responsible for managing their account.

Can’t find what you’re looking for?

Ready to apply?

We’ll show you some important info about Premium Bonds. And ask you to read our customer agreement.

Already have Premium Bonds?

Apply for Premium Bonds

Please read the key product information below before applying for this account.

Key product information

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

No interest earned. Instead, the interest rate funds a monthly prize draw for tax-free prizes.

All prizes are tax-free

Conditions for bonus payment

No notice, no penalty

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 22 November 2020) before applying.

Switch to Premium Bonds

Please read the key product information below before switching this account for a child under 16.

Key product information

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

No interest earned. Instead, the interest rate funds a monthly prize draw for tax-free prizes.

All prizes are tax-free

Conditions for bonus payment

No notice, no penalty

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.

You’ll need the following information to hand:

  • your child’s NS&I number (if they have one)
  • the type of account they’re switching from, and the associated account or holder’s number.

Switch to Premium Bonds

Please read the key product information below before switching to this account.

Key product information

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

No interest earned. Instead, the interest rate funds a monthly prize draw for tax-free prizes.

All prizes are tax-free

Conditions for bonus payment

No notice, no penalty

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.

You’ll need the following information to hand:

  • your NS&I number (if you have one)
  • the type of account you’re switching from, and the associated account or holder’s number.

Top up your Premium Bonds

If you already have an account with us, you can top it up whenever you like.

Give the following details to your bank:

Reference: You must enter your (or the child’s) Premium Bonds holder’s number only (not your NS&I number) as your reference. You can find your holder’s number on your bond record or by logging in online. Make sure you enter the holder’s number correctly without any hyphens, spaces or full stops. Payee name: NS&I Account number: 11994808 Sort code: 08 31 15

  • You must be aged 16 or over and buying Bonds for yourself or for a child under 16.
  • You or the child must already have some Premium Bonds, and you must know your (or the child’s) holder’s number.
  • Each investment must be at least £25 and in whole pounds.
  • The bank account must be a UK account in your name.
  • When buying by bank transfer, you are confirming that you have read and accepted the current customer agreement.
  • Any transfers that would take you over the £50,000 limit will be automatically refunded in full to your bank account, so you may want to check your Premium Bonds balance before investing.
  • Please note that we do not accept payment via Clearing House Automated Payment System (CHAPS).

When you set up your payment, you may receive a message saying ‘This account can’t be checked’ or something similar. This doesn’t mean the details you are using are wrong but please check them carefully.

Topped up by bank transfer or standing order? You’ll be able to see the money in your account in 2-3 working days

For more information on topping up by bank transfer see our FAQs

Top up by debit card

Top up your Premium Bonds using your debit card

Buy Premium Bonds for yourself or a child under 16: easy access and a chance to win tax-free prizes in our monthly prize draw. Visit our site for more details.