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Premium Bonds - A £1 million jackpot every month

Summary

NS&I Premium Bonds give you the chance every month to win £1 million. Instead of paying interest, we hold monthly prize draws with a £1 million jackpot and over a million other cash prizes.

And because NS&I is backed by HM Treasury, you can be confident that all the money you invest in Premium Bonds is 100% secure whether or not you win a prize. But remember, inflation can reduce the true value of your money over time.

Take a look at this summary box to help you compare our Premium Bonds with investments from other providers.


Odds per £1 unit Annual prize fund interest rate Tax Information
26,000 to 1 Current rate 1.30% All prizes are tax-free

Summary box: key product information
Account name NS&I Premium Bonds
Interest rates Instead of paying interest, the interest rate funds a prize draw every month with a range of tax-free prizes including a £1 million jackpot: see interest rates
Tax status Tax-free
Withdrawal arrangements No notice, no penalty
Access Apply online, by phone, at a Post Office® branch or by post; cash in online, by phone or by post

Why choose our Premium Bonds? If you want an investment that gives you the excitement of the chance of a big win
Who can invest? Anyone aged 16 or over. Parents, guardians, grandparents, great grandparents can invest on behalf of under-16s
Minimum investment £100
Maximum investment £30,000
Investment term No set term

Did you know?

Premium Bonds can also be bought for a child under 16 by the child's parent, guardian, grandparent or great grandparent.

Find out more


Definitions

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



Are they right for you?

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They may be right if you:

  • want the chance every month to win a £1 million jackpot and other tax-free prizes

  • want to make the most of tax-free investment opportunities

  • have £100 or more to invest

They may not be right if you:

  • want a regular income from your savings

  • are looking for guaranteed returns

  • are concerned about inflation eroding the value of your savings

Still not sure?


Right for you?

Find out more about our Premium Bonds, including who can invest, investment limits and interest rates…

Find out more

Ready to invest?

Find out what information you need to have to hand and what to do next.

Apply now


Not right for you?

Also consider:

See our full range



How they work

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How do Premium Bonds work?

Instead of paying interest, Premium Bonds are entered into monthly prize draws. We’ll give you a unique Bond number for every £1 you invest. So if you invest £100 you get 100 unique Bond numbers and 100 chances to win every month. As well as the £1 million jackpot, we pay out over a million other prizes from £25 to £100,000 every month.

As a fun yet serious investment, Premium Bonds combine the chance of winning tax-free prizes with 100% security for your money. You won't lose a penny of your capital but remember inflation can reduce the true value of your money over time.

Find out more about:

Who can invest
Investment limits

When do Premium Bonds enter the draw?
More about the prize draw
How are the winning numbers drawn?
What happens if you win?
When do you pay out the prizes?
What about tax?
Keeping track of your Bonds
Investing regularly
Investing for a child
Investing for a grandchild
Access
Cheque and debit card and clearance
Your right to cancel


Who can invest

Anyone aged 16 or over can invest in Premium Bonds. Bonds can also be bought for a child under 16 by their parent, legal guardian, grandparent or great-grandparent. Bonds cannot be held jointly or transferred to another person.

More about buying for a child


Investment limits

Minimum

The minimum for each investment is £100, or £50 if you invest by standing order. Each investment must be in whole pounds.

Maximum

You can invest a maximum of £30,000.


When do Premium Bonds enter the draw?

You’ll need to hold your Bonds for a full calendar month following the month you bought them before they become eligible to win prizes. For example if you buy Bonds in March, they will be eligible for the May draw onwards.

Once your Bonds are in the draw you’ll have chances to win every month until you cash them in.


More about the prize draw

We set the size of the prize fund by calculating one month’s interest on the total value of all eligible Bonds, at the annual prize fund rate. As well as the £1 million jackpot you can win anything from £25 to £100,000 for each Bond number you hold. Each £1 Bond number has a separate and equal chance of winning, so the more you invest the better your chances! The chances of winning (the odds), prize fund interest rate, and the number and value of prizes can change from time to time.

See prize fund interest rate and prize draw details


How are the winning numbers drawn?

We use a machine called ERNIE (Electronic Random Number Indicator Equipment) to generate winning Bond numbers every month. The draw is entirely random so it’s impossible to predict the numbers or influence the results.

Each month, the Government Actuary’s Department (GAD) does an independent check of ERNIE’s output. GAD then issues a certificate to confirm that it has no reason to believe the draw isn’t random. We can only publish numbers and pay out prizes when that certificate has been issued.

ERNIE just generates random numbers – no numbers are entered or stored in ERNIE – so Bonds can’t be left out of the draw. Once the random numbers are generated we then match them in order against eligible Bond numbers to determine the lucky winners. This means that each £1 Bond number has exactly the same chance of winning – it doesn’t matter when or where you bought your Bonds.

Find out more about ERNIE


What happens if you win?

You can now choose one of two ways to receive your prizes:

Direct to your bank account

This is a convenient and secure way to receive any prizes you win. All you have to do is register for our online and phone service. Then, when your service is activated, you can choose to receive prizes paid to your bank account with notification by email. You’ll need to provide details of your nominated UK bank account and a valid email address. If you win a prize we’ll pay it straight into your account and email you with the good news.

By warrant

If you don’t choose the bank account option, we’ll post you a warrant for any prize you win. A warrant is like a cheque so you’ll need to pay it into your bank account. Make sure you tell us if you change your address so any warrants continue to reach you safely.

High value prizes

If you win a £1 million jackpot, our representative ‘Agent Million’ will visit you in person. Always ask for identification. For any other high value prize of £5,000 and above, we’ll send you a claim form before paying the prize.


When do you pay out the prizes?

Because we pay out so many prizes – over a million every month – it takes us a while to pay them all. We announce the £1 million jackpot on the first working day of the month and pay out the other prizes during the rest of the month.


What about tax?

Any prizes you win are free from UK Income Tax and Capital Gains Tax, so you can keep all the money to yourself.

Find out more about tax and savings


Keeping track of your Bonds

The new Bond record, which shows details of all the Premium Bonds you hold, makes it easy for you to keep track. We’ll send you a new one every time you buy or cash in some Bonds, or reinvest prizes.

It replaces Premium Bond certificates, so when you receive your first Bond record, simply check it against your existing Bond certificates and then you can safely destroy them.

And if you register for our online service you’ll also be able to check your Bond numbers any time by logging in to our secure website.


Investing regularly

Setting up a monthly standing order is the easiest way to build up your investment and increase your chances of winning a tax-free prize. Once you’ve made your first investment and received your holder's number or if you already hold Premium Bonds, you can download a standing order form


Investing for a child

As a parent or legally appointed guardian buying Premium Bonds for your child, you need to nominate either yourself or the child’s other parent or guardian to look after the Bonds until the child is 16. We’ll then post to the nominated parent or guardian:

If you prefer, both parents or guardians can control a different set of Bonds for the same child. We’ll give a separate holder’s number to each parent or guardian for the Bonds they look after for their child. Both sets of Bonds will count towards the £30,000 investment limit for the child.

After the child reaches the age of 16 and contacts us, we will combine all their Bonds under one holder’s number.


Investing for a grandchild

Each time you buy Bonds you need to nominate one of the child’s parents or guardians to look after the Bonds until the child is 16. Any prizes will be paid to the parent or guardian. And only the parent or guardian will be able to cash in the Bonds.

We’ll send the Bond record, and all correspondence, to the parent or guardian you nominate. Although we no longer send a child’s Bonds to the grandparent or great grandparent, we will send you an acknowledgement of your investment.


Access

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

Find out more about cashing in


Cheque and debit card and clearance

If you buy your Premium Bonds by cheque or debit card we’ll bank your cheque or start processing your debit card payment as soon as we receive it. So please make sure you have enough money in your account when you apply to invest.

Bonds can only be cashed in after your payment has cleared. Your payment will be cleared on the seventh working day after you bought them. This excludes weekends and English bank holidays. For example, if we receive your cheque or debit card details on a Monday, your payment will be cleared on Tuesday the following week. Allow one additional day for each English bank holiday.

If you buy your Premium Bonds by cheque at a Post Office® branch, your payment will take an additional two working days to clear.


Your right to cancel

If you invest in Premium Bonds but then decide they don’t suit your needs, let us know in writing* or call us within 14 days of receiving your Bond record or secure message confirming your investment. We’ll then refund your money in full.

* By post to Premium Bonds, National Savings and Investments, Glasgow, G58 1SB; by fax on 0141-636 8744; or by email to customerenquiries@nsandi.com.




Terms and conditions

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Terms and conditions

Please read the terms and conditions before you apply for NS&I Premium Bonds.

We last updated the Premium Bonds terms and conditions on 1 April 2014.


Description

1. This agreement applies to NS&I Premium Savings Bonds Series B (“Bonds”), and these terms and conditions have been set pursuant to the National Loans Act 1968. These terms and conditions set out the obligations we have to you, as a customer, and the obligations you have to us. Please read these carefully and keep for reference.

2. Bonds are UK Government securities subject to the Premium Savings Bonds Regulations 1972 (Statutory Instrument Number: 1972/765) as amended or re-enacted from time to time (see paragraph 105). In the event of any differences between these terms and conditions and the Regulations, the Regulations will prevail.

Definitions

3. In these terms and conditions:

(a) “BACS” means the Bankers Automated Clearing Service;
(b) “banking day” means a day (other than a Saturday, Sunday or bank holiday) on which banks are generally open for business in London, and, in relation to the processing of a payment, any other place of receipt;
(c) “Bonds” means NS&I Premium Savings Bonds Series B;
(d) “Director” means the Director of Savings;
(e) “electronic transfer” means payments by BACS, including under a standing order (unless the context requires otherwise);
(f) “Gazettes” means the London, Edinburgh and Belfast Gazettes;
(g) “high value prize” means a prize of £5,000 or above;
(h) “NS&I” means National Savings and Investments;
(i) “post office” means a branch of Post Office Ltd in the UK (this does not include post offices in the Channel Islands and the Isle of Man);
(j) “prospective user” means a person described in paragraph 76 who is entitled to become registered as a “registered user”;
(k) “registered user” means a person who has registered to use the Service;
(l) “Service” means the telephone and internet services provided by NS&I for the purposes of purchasing and managing Bonds as described in paragraph 76.

4. For the purposes of these terms and conditions, any references to “we”, “us” or “our” are references to the Director or those acting under the Director’s authority.

Prize draws

5. Bonds do not earn interest, but are included in draws for cash prizes.

6. There is a prize fund for each month which is equal to one month’s interest on each Bond unit eligible for the prize draw for that month. The rate of interest used to calculate the prize fund may be changed by the Treasury from time to time.

7. The number of prizes in each month’s draw will be calculated by dividing the total number of Bond units eligible for that draw by a specified number (“the odds”) as follows:

total number of eligible Bond units
= total number of prizes
odds for draw

The specified number is determined by the Treasury from time to time.

8. The prize fund is divided into individual prize values, which may be categorised into one or more prize value bands.

9. The percentage share of each month’s prize fund allocated to each individual prize value or prize value band is determined by the Treasury from time to time.

10. There will be at least one £1,000,000 prize in each monthly draw.

11. The current rate of interest used to calculate the prize fund, details in respect of the odds, specified number of prizes, prize values, prize bands, the basis of distribution of prizes between the prize values and prize bands and notice of changes will be:

  • published on the NS&I website;

  • published in our Prize Draw Details leaflet available from NS&I;

  • published in the Premium Bonds leaflet that is available in post offices;

  • published in the Gazettes; and

  • made available directly from NS&I over the phone.

Eligibility of Bonds for prizes

12. A Bond will be included in all draws in and from the second month after the month of purchase or, where the Bond is purchased under an automatic prize reinvestment mandate (see paragraph 39), from the month immediately after the month of purchase, provided in each case that the Bond has not been repaid before the first day of that month.

13. After a Bond has qualified for its first draw it will be included in each subsequent draw, unless:

(a) it has been repaid before the first day of the month for which the draw is held; or
(b) the registered holder has died more than a year before the month for which the draw is held.

14. Each £1 Bond unit is eligible for one prize in each draw. If a Bond unit is drawn more than once in a draw it will be  allocated  the highest prize for which it is drawn.

15. Any Bond purchased in excess of the maximum holding limit of £30,000 (see paragraph 44)  will not be eligible for a prize draw until the Bond holder’s holding has been reduced to not more than the maximum limit. We have the right to reclaim any prizes won by a Bond subsequently found to be ineligible by virtue of being in excess of the maximum holding limit.

Publication and allotment of prizes

16. The winning Bond numbers are published on the NS&I website. The registered holders of winning Bonds will be notified by post or by e-mail (where that holder has registered for the Service and has agreed to receive such notifications by email) using the most recent contact details as recorded at NS&I. For this reason it is important that we are advised of any change of contact details promptly.

17. We have sole discretion on all matters concerning the method and conduct of the draws and allotment of prizes. Our decision as to which Bonds have won prizes is final.

Tax

18. The prizes are free of all UK Income Tax and Capital Gains Tax.

Who may purchase and hold Bonds

19. Individuals Individuals of at least 16 years of age may, for their own benefit, purchase and hold Bonds in their own name.

20. Attorneys An individual of at least 16 years of age may also purchase Bonds in the name of another such individual where acting under a valid power of attorney.

21. Children Bonds may be purchased on behalf of a child under 16 years of age in accordance with paragraphs 64 to 71.

22. Deputies A person who is legally entitled to make investments on behalf of a person who both lacks capacity and is at least 16 years of age may purchase Bonds on behalf of, and in the name of, such person.

23. Bankrupts Bonds may not be held or purchased by a person who is an undischarged bankrupt.

How to purchase Bonds

24. Subject to paragraph 25, an application to purchase Bonds can be made:

(a) via the internet;
(b) by telephone;
(c) by post to NS&I; or
(d) in person at any post office which carries out NS&I business.

25. Only applications to purchase made by individuals on their own behalf can be made via the internet and by telephone. Applications made by attorneys, deputies and persons making a purchase on behalf of a child under 16 (see paragraph 64) can only be made by post and at any post office which carries out NS&I business.

26. Where an applicant applies by telephone or via the internet, the Bonds must be purchased using a debit card in the name of the proposed Bond holder issued by a UK bank or building society. This means that Bonds can only be purchased by telephone or via the internet where the applicant is able and authorised to use a debit card in the name of the proposed Bond holder (and not, for example, where a parent applies to purchase a Bond on behalf of a child).

27. Where an applicant makes an application via the internet or by telephone and this is their first application, the applicant must confirm the application by signing and returning a confirmation form we will send to them by post. The form will specify the time within which the signed form must be returned to us. If the form is not received by us within the specified time we will not be able to process the application. If this is the case any money paid to us will be refunded to the relevant debit card or by issuing a crossed warrant (like a cheque). However, we reserve the right to use another method of payment if necessary. No interest will be earned or paid and Bonds will not be eligible to be included in the prize draw for the intervening period.

28. When an application is made by post the Bond must be purchased using a cheque drawn on a UK bank or building society account held by the proposed Bond holder or applicant, where different. Where Bonds are being purchased by an attorney or a deputy, the Bonds can also be purchased using a cheque drawn on a UK bank or building society account held in the name of the attorney or deputy. In all cases Bonds can also be purchased using a UK building society branch cheque or UK banker’s draft.

29. Where an application is made at a post office the Bond can be purchased using a cheque (which must be a personal cheque drawn on a UK bank or building society account held by the proposed Bond holder, or applicant where different), a building society branch cheque or banker’s draft, or a debit card in the name of the proposed Bond holder or applicant, where different, issued by a UK bank or building society. Where an application is made via the post office acceptance by us can only occur when the application is subsequently processed by NS&I.

30. In all cases, an application to purchase is subject to acceptance by us.

31. Once an application is accepted, the date of purchase of Bonds will be:

(a) for applications via the internet, the date the online application, including
authorisation of the debit card payment from the card issuer, was received at NS&I;
(b) for applications made by telephone, the date the application, including authorisation of the debit card payment from the card issuer, was received at NS&I;
(c) for applications sent by post, the date the application and payment were received at NS&I. No responsibility will be accepted for applications which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery; and
(d) for applications at a post office, the date the application and payment were received at the post office.

32. Once an application has been accepted, the Bond holder will receive confirmation of the Bond numbers including the date and value of the purchase.

Evidence of identity

33. Under legislation relating to money laundering we are required to verify the identity and address of our customers before we can accept an application to invest. To do this we may make electronic checks using data from a third party including information from the Electoral Register. In accepting the terms and conditions the applicant confirms that they, and anyone else named on the application, are aware that their identity and address will be checked.

34. We may also request documentary evidence of identity and address. The request for evidence of identity will specify the time within which the evidence must be returned to us. If the evidence is not received by us within the specified time we will not be able to process the application. We accept no responsibility for documents which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery.

35. If we are unable to process an application due to lack of evidence of identity, the application will be cancelled from inception and any money paid to us will be refunded to the relevant debit card or by issuing a crossed warrant (like a cheque) to the applicant named on the application form. However, we reserve the right to use another method for payment if necessary. No interest will be earned or paid and Bonds will not be eligible to be included in the prize draw for the intervening period.

Cancellation rights

36. If an applicant is not happy with their purchase of Bonds they have 14 days from the date the confirmation of purchase was received within which to cancel the Bonds. To cancel the Bonds an applicant must notify us in writing, by post, by fax, by email, or by telephone, using the details at the end of these terms and conditions.

37. If an applicant cancels their Bonds we will return all of the money to them. No interest will be earned or paid for this period and the Bonds will not be eligible to be included in the prize draw. If an applicant does not cancel their Bonds, the Bonds will become eligible for the prize draw in accordance with paragraph 12 and these terms and conditions will apply until the Bonds are repaid.

Regular Purchase Scheme

38. Existing Bond holders may, subject to the minimum purchase limit (see paragraph 42) and maximum holding limit (see paragraph 44), purchase further Bonds under these terms and conditions through the Premium Bonds Regular Purchase Scheme. The Regular Purchase Scheme is not available for purchases on behalf of children under 16 years. Payment for the Bonds must be by standing order from a UK bank or building society account in the Bond holder’s name. We will automatically send a Bond holder confirmation of the new Bonds purchased. The date of purchase will be the date the payment is received in the Director’s account. A Bond holder may cancel such a standing order at any time without notifying NS&I.

Reinvestment of prizes

39. Subject to the maximum holding limit (see paragraph 44), a Bond holder may elect to purchase Bonds by the automatic reinvestment of prizes by completing an instruction form or by opting in by telephone or via the internet.

40. For all purchases made by means of an automatic reinvestment of prizes, a Bond holder will receive confirmation of the Bond numbers including the value and date of purchase.

Purchase and holding limits

41. Bonds may be purchased in multiples of £1. The minimum purchase at any time is £100 (one hundred £1 units). Purchases made by cheques for less than £100 will be returned to the applicant.

42. Where the purchase is made under the Regular Purchase Scheme (see paragraph 38) the minimum is £50 (fifty £1 units). If any purchase is for less than £50 it will be returned to the Bond holder’s bank in full.

43. The purchase limits in paragraphs 41 and 42 do not apply where the purchase is made under an automatic prize reinvestment mandate (see paragraph 39). Where such a purchase will take the holding up to the maximum limit (see paragraph 44), any balance of a prize will be paid to the Bond holder.

44. A Bond holder may not hold more than £30,000 (thirty thousand £1 units). This limit is set by the Regulations and may be changed from time to time. If any purchase would result in this limit being exceeded, the payment will be returned in full.

Cashing in

45. Subject to paragraph 51, a Bond holder can cash in their Bonds at any time, for any reason, without charge. In certain limited circumstances (such as where the Bond holder lacks capacity and an application is made by their deputy), we may also accept requests for repayment from persons other than the Bond holder.

46. Bonds purchased by cheque or debit card can only be cashed in after payment has cleared. However, in certain circumstances, we may allow Bonds purchased by debit card to be cashed in before the payment has cleared. If we so allow, we will repay the sum requested to the debit card from which the deposit was made.

47. It will normally take seven banking days from the date of purchase for payments to clear. For example, if we receive a cheque on a Monday, the payment will be cleared on the Tuesday of the following week. Payments made at a post office will normally take two banking days longer than the timescale set out above and will be available for withdrawal from the ninth banking day. For example, if a cheque is paid at a post office branch on a Monday, the payment will be cleared on the Thursday of the following week. One additional day on top of these timescales should be allowed for each English bank holiday. The same clearance periods apply for debit card payments. Payment clearance may exceed the timescales given above if the drawer of the payment has recently switched their banking service to another provider.

48. As Bonds are issued in units of £1, the minimum amount that can be cashed in at any one time is £1.

49. For internet or telephone applications to cash in made via the Service, Bond numbers will automatically be selected on a “first in, first out” basis (the oldest Bond numbers will be selected first and the most recent Bond numbers selected last). Payment will be made by electronic transfer to the nominated bank account.

50. For postal applications to cash in, payment will normally be made by electronic transfer to the nominated bank account. However, in certain circumstances we may accept requests for payment to be made by crossed warrant (see paragraph 60).

51. To make sure that Bonds remain eligible for the prize draw for the maximum period of time applications to cash in received during the last two banking days of a month will not be processed until one banking day after the first day of the next month. Consequently there may be a delay of up to three banking days in us issuing the payment.

Repayments by electronic transfer

52. Where repayment is to be made by electronic transfer, repayments will normally be made to a UK bank account (including an NS&I Direct Saver) or building society account in the Bond holder’s name.

53. We intend to use BACS as the means of making these electronic transfers (although we reserve the right to use a different means if necessary).

54. The nominated bank or building society account must be capable of receiving payment via BACS.

55. Bond holders who have not already advised us of their nominated bank or building society account will be asked to provide details of an account suitable to receive electronic transfers when they apply to cash in their Bonds.

56. For telephone or internet applications to cash in, we will normally initiate the electronic transfer within three banking days of receiving instructions.

57. For postal applications to cash in, we will normally initiate the electronic transfer within eight banking days of receiving instructions.

58. Once we have initiated the electronic transfer, the date of repayment, for the purposes of these terms and conditions, will be taken to be the date on which, in the normal course, the requested amount would be credited to the nominated bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.

59. Where an electronic transfer is initiated properly we will not be liable for:

(a) any failure or delay of the receiving bank or building society in crediting the nominated account; or
(b) any failure or delay in any part of the electronic transfer process which is beyond our direct control (including any failure which occurs because the nominated account is incapable of receiving an electronic transfer).

Repayments by crossed warrant

60. We will normally process the application for payment and issue a crossed warrant within eight banking days of receiving the instructions. The date of repayment will be taken to be the date on the crossed warrant.

Repayment of Bonds by NS&I

61. We can repay Bonds immediately, without needing an application to cash in, if:

(a) we reasonably think any of the persons named in the application have provided false information;
(b) we reasonably suspect that the Bonds are being held for an illegal purpose;
(c) the applicant who applied to purchase the Bonds, was not entitled to purchase them, or the Bond holder is not entitled to hold them;
(d) the Bond holder’s holding exceeds the maximum allowable (see paragraph 44) (to the extent that the holding exceeds the maximum);
(e) the Bond holder fails to comply, in a material manner, with the terms or conditions for holding the Bonds; or
(f) we have any other valid reason to do so.

Transfers

62. Bonds are not transferable at any time. Following the death of a Bond holder, the value of the Bonds will form part of the deceased Bond holder’s estate.

Payment of prizes

63. Apart from Bonds held on behalf of a child (see paragraph 70), prizes:

(a) subject to subparagraphs (c) and (d), will normally be paid by crossed warrant to the last recorded address for Bond holders who are not registered to use the Service for their Bonds;
(b) subject to subparagraphs (c) and (d), may be paid by electronic transfer to the nominated bank account for Bond
holders operating their holding by means of the Service. Where payment is made by electronic transfer Bond holders will receive notification of any prizes by email;
(c) will result in the purchase of new Bonds (subject to the maximum holding limit – see paragraph 44) for Bond holders
who have selected the automatic prize reinvestment option (see paragraph 39), unless the prize is a high value prize; or
(d) will lead to NS&I asking Bond holders to confirm their preferred method of payment, where they have selected the automatic prize reinvestment option and the prize won is a high value prize.

Children under 16 years

64. Bonds may be purchased on behalf of and in the name of a child under 16 years of age, by their parent, grandparent, great grandparent, or guardian (see paragraph 21). However, Bonds cannot be purchased for children over the internet or by telephone.

65. The Bond numbers, including the date and value of purchase, will be sent to the parent or guardian nominated in the application to purchase. Only one parent or guardian may be nominated to manage a holding on behalf of a child. Where the Bonds are purchased by a grandparent or great grandparent the applicant will be sent an acknowledgement of the purchase.

66. The parent or guardian nominated in the application to purchase will have responsibility for managing the Bonds while the child remains under 16 years of age. All communications relating to Bonds held by a child, including instructions to cash in Bonds, will be accepted from the nominated parent or guardian, unless there are exceptional circumstances causing us to doubt that the nominated parent or guardian is a fit person to manage the Bonds.

67. There may be multiple holdings for one child and each may have a separate nominated parent or guardian. In such circumstances each nominated parent or guardian will have a separate holder’s number and will normally only be able to manage and have access to the holding for which they are the nominated parent or guardian.

68. The maximum holding limit referred to in paragraph 44 applies to the total number of Bonds held by a child, regardless of who has responsibility for managing those Bonds. For the purposes of the maximum holding limit, a child’s Bonds are treated separately from any held by the nominated parent or guardian on their own account.

69. As indicated in paragraph 38, the Regular Purchase Scheme is not available for purchases on behalf of children under 16 years.

70. Prizes won by a child under 16 will normally be paid by crossed warrant, made payable to the nominated parent or guardian for that holding.

71. Repayment of Bonds will normally be made by electronic transfer to a bank account in the name of the nominated parent or guardian, or by crossed warrant made payable to the nominated parent or guardian for that holding.

Giving us instructions

72. Instructions can be given:

(a) via the internet (where a holding is registered for the Service);
(b) by telephone (where a holding is registered for the Service); or
(c) by post to NS&I by completing the relevant form (available from NS&I) and returning it to us.

73. We cannot change or cancel payment instructions because we start processing them when we receive them.

74. We may refuse to act on instructions if:

(a) we reasonably believe that they were given by a person who was not entitled to give us instructions;
(b) we reasonably suspect fraudulent activity in relation to the Bonds;
(c) the instructions are unclear, incomplete or not in the required form;
(d) in carrying out the instructions, we might thereby act contrary to a law, regulation, code or other duty which applies to us;
(e) it would cause any limit or restriction which applies to a holding of Bonds to be exceeded; or
(f) we have any other valid reason for not acting on the instructions.

75. If we refuse to act on instructions we will notify the Bond holder and, if possible, give our reasons for doing so. Bond holders can obtain information about the refusal and, where appropriate, our reason for refusing, along with information on how to correct any errors that led to the refusal, by contacting us using the details at the end of these terms and conditions (unless we are prevented by legal obligations, or circumstances beyond our control, from providing this information).

Telephone and Internet Service

76. We offer the opportunity to purchase and manage Bonds via the telephone and/or internet, to opt to receive paperless documents and to receive payment of prizes by electronic transfer with notification of any prizes won by email. The Service is offered to Bond holders and, where a Bond holder lacks capacity or has created a valid power of attorney, a limited Service is offered to those entitled to manage their Bonds (each a “prospective user”). To use the Service to both purchase and manage Bonds, a prospective user will need to register either by telephone or via the internet as part of their application to purchase. If a prospective user wants to register to use the Service to manage Bonds that they have already purchased, they will need to complete a registration form (available from us or to download from our website) and return it to us for processing. Deputies and attorneys can only register to use the limited Service by completing the registration form and returning it to us for processing.

77. If a prospective user registers as part of an application to purchase made over the internet, they will be asked to supply security information and choose a password. If the prospective user is an existing customer who has already registered to use the Service, they must use their existing security information and password to purchase and manage the relevant Bonds (see paragraph 80).

78. If a prospective user registers as part of an application to purchase made by telephone, they will be asked to supply security information. After registration, we will send a temporary password to the registered user. Before the registered user can manage Bonds using the Service, they will need to change the temporary password to one of their own choosing. The temporary password will expire after 60 days so the registered user will need to change it before then. If they do not change their temporary password before it expires we will issue them with a new password when they next contact us. The new temporary password must be changed within 60 days.

79. We will use the password and security information to verify the identity of the person seeking to access the Service. If for any reason a registered user wishes to change their security information or password they can do so via the internet, or by calling us. We may ask for any change to be confirmed in writing.

80. Registered users must take reasonable precautions to prevent unauthorised use of the Service. They should not disclose any information which will give access to the Service to anyone other than us. They should not record their password or security information in any way that may result in them becoming known to another person.

81. Please note that after initial registration we will never contact registered users, or ask anyone to do so on our behalf, with a request to disclose security information in full. If registered users receive any such request from anyone (even if they are using our name and logo and appear to be genuine) then it is likely to be fraudulent and registered users must not supply their security information to them under any circumstances. Registered users should report any such request to us immediately.

82. The Bond holder will be responsible for any instructions received by us between the time a registered user passes the security procedure until the time that registered user exits from the Service. Please note that this includes any input errors or instructions sent by someone other than the registered user, so registered users are asked not to leave the device they are using to access the Service unattended while logged on.

83. Please note that we are entitled to repay Bonds where instructions to cash in have been given through the Service, if particulars of the security information were correctly provided.

84. If a registered user has reason to suspect that their security information and/or password have become known to a third party, they should immediately notify us by telephone. We may ask for this to be confirmed in writing.

85. While we will make reasonable efforts to provide the Service, we will not be liable for any failure to provide the Service, in part or full, for any cause that is beyond our reasonable control. This includes, in particular, any suspension of the Service resulting from maintenance and upgrades to our systems or the systems of any party used to provide the Service.

86. We may, where we consider it is appropriate for the protection of Bond holders, suspend, withdraw or restrict the use of the Service or any part of the Service. We will inform Bond holders as soon as practicable if we take such action. We may also end the Service or any part of the Service at any time by giving reasonable notice.

Liability

87. If a Bond holder, or anyone entitled to manage their Bonds, tells us that an application to cash in Bonds was not authorised, we will carry out an investigation. As soon as we are reasonably satisfied that the application to cash in was not authorised, we will, subject to paragraph 88, reinstate the Bonds to the position they would have been in if the unauthorised payment had not taken place. This means that, in addition to the amount of the unauthorised payment, we will pay any prizes for which the Bonds would have been eligible, but we will have no further liability.

88. However, we will not be liable for:

(a) any payments made in respect of Bonds where the Bond holder, or anyone entitled to manage their Bonds, has acted fraudulently; or
(b) any payments which both:
(i) result from a deliberate or careless failure of the Bond holder, or anyone entitled to manage their Bonds, to keep their password or security information secret; and
(ii) occur before we are notified that the password or security information has been disclosed to a third party.

89. If we are asked to make a payment by electronic transfer and, after a reasonable period has elapsed, the bank or building society to which payment should have been made says that it has not received the payment, we will make the payment again, unless:

(a) there was a mistake in any of the details contained in the payment instructions given to us. If this is the case, we will make reasonable efforts to recover the funds; or
(b) we can show that the payment was in fact received by the bank or building society to which payment should have been made.

How we use your information

90. We may use any information provided to us to help us:

(a) manage Bonds;
(b) prevent and detect crime;
(c) understand our customers’ requirements; and
(d) develop and test products and services.

91. We treat all information we hold concerning customers as private and confidential. We will not reveal any personal details or details concerning a customer’s investments to anyone not connected with NS&I, unless:

(a) the customer asks us to reveal the information, or we have the customer’s permission to do so;
(b) we are required or permitted to do so by law;
(c) it is required by credit reference and fraud prevention agencies and other companies that provide a service to us or the customer; or
(d) there is a duty to the public to reveal the information.

92. When giving us information about another person, the person providing the information is required to confirm that they have been appointed to act on behalf of that other person. This includes providing consent to process that other person’s data as set out in these terms and conditions.

93. We may monitor or record telephone calls for training, quality assurance and other business purposes.

94. The NS&I website uses cookies to collect anonymous data in order to administer the website. It is possible to set internet browser software so as to disable the use of cookies. Please note however that application forms and other processes require the use of cookies for correct operation.

95. From time to time we may change the way we use customer information. Where we believe that customers may not reasonably expect such a change we will notify them personally. If customers do not object to the change within 60 days, we will deem them to have consented to that change.

96. Information about the Bond holder and their Bonds will be kept after a holding is closed to maintain the integrity of the Premium Bonds prize draw process. Customer information will be held by us in both paper form and on our IT systems. Customers wishing to obtain a copy of the information we hold about them can make a Data Subject Access Request under the Data Protection Act and send it to: The Data Protection Officer, National Savings and Investments, 1 Drummond Gate, London SW1V 2QX – make sure the request is signed. A Data Subject Access Request form is available to print off and complete in the ‘Privacy’ section of the NS&I website. Alternatively, customers can write to the Data Protection Officer giving us their full name, current address and any previous addresses, which savings or investments they have with us and the account, holder’s or customer numbers. There may be a small charge for this service – if so, we will make this clear.

97. We would like to keep customers up to date with information about our products and services which we think might interest them. If a customer does not want to receive this information they can contact us using the details at the end of these terms and conditions.

How to notify us of changes to personal details

98. To enable us to manage Bonds effectively and to be able to contact Bond holders when necessary we ask that they let us know, as soon as possible, of any changes in name, address, telephone number or email address. Bond holders should also ensure that their nominated bank account details are kept up to date. If they are registered to use the Service they should notify us of any such changes by telephone, or update their details on the internet. Otherwise they should write to us at the address at the end of these terms and conditions.

Complaints

99. If we make a mistake we’ll aim to put things right quickly and without fuss, and we have a procedure designed to resolve complaints effectively and fairly. Complaints can be made in writing to the Customer Service Team at the address at the end of these terms and conditions, by calling us free on 0800 092 1286 (calls from mobiles and some landline providers may not be free), or by visiting nsandi.com, clicking ‘Contact us’, clicking on the ‘Contact us online’ button in the ‘Email us’ section , and selecting ‘complaint’ in the ‘subject’ dropdown menu. A leaflet describing our complaints procedure is available on request or to download at nsandi.com, by clicking ‘Why save with us’, clicking on ‘Our commitment’ and then clicking on the link under the heading ‘Not happy with our service?’.

100. If a customer feels that we have not resolved their complaint to their satisfaction, they may be able to refer it to the Financial Ombudsman Service (the “FOS”) at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel 0800 023 4567). The FOS is an organisation set up by law to give consumers a free and independent service for resolving disputes.

Changes in these terms and conditions

101. The Treasury reserves the right to amend these terms and conditions at any time.

102. Typically, changes will be made pursuant to paragraph 101:

(a) to make the terms and conditions clearer or more favourable to the Bond holder;
(b) to reflect changes in the Government’s funding requirements;
(c) to reflect changes in the law or a decision by an ombudsman;
(d) to enable us to meet changed regulatory requirements;
(e) to reflect any changes in any codes of practice to which we subscribe;
(f) to reflect changes in the general practice of banks and other organisations offering similar products or services; or
(g) to allow for new technology systems, methods of operation, security or facilities.

103. If the change is to the Bond holder’s detriment, details of the change will be published on our website, in the Gazettes and, if appropriate, in a range of national newspapers.

104. Where these terms and conditions are superseded by new terms and conditions, the new terms and conditions will apply to new purchases and existing holdings. The current terms and conditions are available at post offices and from NS&I, and on our website at www.nsandi.com.

Regulations

105. As at 1 April 2014, The Premium Savings Bonds Regulations 1972 (Statutory Instrument Number 1972/765) have been amended by the following Statutory Instruments:

1976/1543 1977/1447 1980/767 1981/310 1984/601
1986/2001 1988/1356 1991/1337 1992/3116 1995/1002
1997/1862 1999/3305 2003/1085 2004/2353 2005/2114
2007/1898 2009/1263 2010/291 2010/2479  


106. The Statutory Instruments listed in paragraph 105 can be accessed at www.legislation.gov.uk.

Law and jurisdiction

107. These terms and conditions and any agreement made on the basis of them will be governed by and interpreted in accordance with English law.

108. In the event of the death of a Bond holder, the Director reserves the right to make any payment in respect of the Bond in accordance with the law of the place in which the Bond holder resided or, if different, was domiciled at the date of their death.

109. Subject to paragraphs 110 and 111, the courts of England are to have exclusive jurisdiction to settle any dispute (including claims for set off and counterclaims) which may arise in connection with these terms and conditions or any agreement made on the basis of them and which, subject to the Regulations, falls to be determined by a court of law.

110. Where section 16 of the Civil Jurisdiction and Judgments Act 1982 applies the relevant court of law of the relevant part of the United Kingdom shall have jurisdiction to settle any such dispute.

111. Paragraphs 109 and 110 are included for the benefit of NS&I. Accordingly NS&I retains the right to bring proceedings in any other court which has jurisdiction to whose jurisdiction the holder irrevocably submits.

Premium Bonds
National Savings and Investments
Glasgow
G58 1SB

1 April 2014

PLEASE KEEP FOR REFERENCE



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Before you start

Make sure you've read all the information to ensure this investment is right for you. You'll also need to read and accept the terms and conditions below before applying. If you have recently purchased Premium Bonds and would like to buy some more online, you will need your NS&I number. If you have not received your NS&I number yet you can still buy Premium Bonds by post or wait until you receive your NS&I number.


What you need before you apply

Sample Data Table
1. Your debit card details4. Your holder’s number, if you already have Premium Bonds
2. Your nominated UK bank account details (to receive repayments from NS&I)5. Your NS&I number and password, if you're already registered for our online and phone service
3. A valid email address, so we can send confirmation that we’ve received your application 

Other things you need to know

Payment details

We accept Maestro, Switch, Visa Debit or MasterCard Debit. The debit card must be in your name issued by a UK bank. We’ll start processing your payment as soon as we receive your card details, so please make sure you have enough money in your account when you apply.

Transaction limits

The maximum investment in Premium Bonds is £30,000, but some debit cards have lower limits on transaction sizes - please check with your card issuer.

Already have Premium Bonds?

If you have moved, you’ll need to tell us by post before you apply.

Buying for a child, as a Power of Attorney or receiver, or live outside the UK?

Sorry you can’t apply online, see other ways to apply.


What happens after you apply?

Terms and conditions – important information please read

Description

1. This agreement applies to NS&I Premium Savings Bonds Series B (“Bonds”), and these terms and conditions have been set pursuant to the National Loans Act 1968. These terms and conditions set out the obligations we have to you, as a customer, and the obligations you have to us. Please read these carefully and keep for reference.

2. Bonds are UK Government securities subject to the Premium Savings Bonds Regulations 1972 (Statutory Instrument Number: 1972/765) as amended or re-enacted from time to time (see paragraph 105). In the event of any differences between these terms and conditions and the Regulations, the Regulations will prevail.

Definitions

3. In these terms and conditions:

(a) “BACS” means the Bankers Automated Clearing Service;
(b) “banking day” means a day (other than a Saturday, Sunday or bank holiday) on which banks are generally open for business in London, and, in relation to the processing of a payment, any other place of receipt;
(c) “Bonds” means NS&I Premium Savings Bonds Series B;
(d) “Director” means the Director of Savings;
(e) “electronic transfer” means payments by BACS, including under a standing order (unless the context requires otherwise);
(f) “Gazettes” means the London, Edinburgh and Belfast Gazettes;
(g) “high value prize” means a prize of £5,000 or above;
(h) “NS&I” means National Savings and Investments;
(i) “post office” means a branch of Post Office Ltd in the UK (this does not include post offices in the Channel Islands and the Isle of Man);
(j) “prospective user” means a person described in paragraph 76 who is entitled to become registered as a “registered user”;
(k) “registered user” means a person who has registered to use the Service;
(l) “Service” means the telephone and internet services provided by NS&I for the purposes of purchasing and managing Bonds as described in paragraph 76.

4. For the purposes of these terms and conditions, any references to “we”, “us” or “our” are references to the Director or those acting under the Director’s authority.

Prize draws

5. Bonds do not earn interest, but are included in draws for cash prizes.

6. There is a prize fund for each month which is equal to one month’s interest on each Bond unit eligible for the prize draw for that month. The rate of interest used to calculate the prize fund may be changed by the Treasury from time to time.

7. The number of prizes in each month’s draw will be calculated by dividing the total number of Bond units eligible for that draw by a specified number (“the odds”) as follows:

total number of eligible Bond units
= total number of prizes
odds for draw

The specified number is determined by the Treasury from time to time.

8. The prize fund is divided into individual prize values, which may be categorised into one or more prize value bands.

9. The percentage share of each month’s prize fund allocated to each individual prize value or prize value band is determined by the Treasury from time to time.

10. There will be at least one £1,000,000 prize in each monthly draw.

11. The current rate of interest used to calculate the prize fund, details in respect of the odds, specified number of prizes, prize values, prize bands, the basis of distribution of prizes between the prize values and prize bands and notice of changes will be:

  • published on the NS&I website;

  • published in our Prize Draw Details leaflet available from NS&I;

  • published in the Premium Bonds leaflet that is available in post offices;

  • published in the Gazettes; and

  • made available directly from NS&I over the phone.

Eligibility of Bonds for prizes

12. A Bond will be included in all draws in and from the second month after the month of purchase or, where the Bond is purchased under an automatic prize reinvestment mandate (see paragraph 39), from the month immediately after the month of purchase, provided in each case that the Bond has not been repaid before the first day of that month.

13. After a Bond has qualified for its first draw it will be included in each subsequent draw, unless:

(a) it has been repaid before the first day of the month for which the draw is held; or
(b) the registered holder has died more than a year before the month for which the draw is held.

14. Each £1 Bond unit is eligible for one prize in each draw. If a Bond unit is drawn more than once in a draw it will be  allocated  the highest prize for which it is drawn.

15. Any Bond purchased in excess of the maximum holding limit of £30,000 (see paragraph 44)  will not be eligible for a prize draw until the Bond holder’s holding has been reduced to not more than the maximum limit. We have the right to reclaim any prizes won by a Bond subsequently found to be ineligible by virtue of being in excess of the maximum holding limit.

Publication and allotment of prizes

16. The winning Bond numbers are published on the NS&I website. The registered holders of winning Bonds will be notified by post or by e-mail (where that holder has registered for the Service and has agreed to receive such notifications by email) using the most recent contact details as recorded at NS&I. For this reason it is important that we are advised of any change of contact details promptly.

17. We have sole discretion on all matters concerning the method and conduct of the draws and allotment of prizes. Our decision as to which Bonds have won prizes is final.

Tax

18. The prizes are free of all UK Income Tax and Capital Gains Tax.

Who may purchase and hold Bonds

19. Individuals Individuals of at least 16 years of age may, for their own benefit, purchase and hold Bonds in their own name.

20. Attorneys An individual of at least 16 years of age may also purchase Bonds in the name of another such individual where acting under a valid power of attorney.

21. Children Bonds may be purchased on behalf of a child under 16 years of age in accordance with paragraphs 64 to 71.

22. Deputies A person who is legally entitled to make investments on behalf of a person who both lacks capacity and is at least 16 years of age may purchase Bonds on behalf of, and in the name of, such person.

23. Bankrupts Bonds may not be held or purchased by a person who is an undischarged bankrupt.

How to purchase Bonds

24. Subject to paragraph 25, an application to purchase Bonds can be made:

(a) via the internet;
(b) by telephone;
(c) by post to NS&I; or
(d) in person at any post office which carries out NS&I business.

25. Only applications to purchase made by individuals on their own behalf can be made via the internet and by telephone. Applications made by attorneys, deputies and persons making a purchase on behalf of a child under 16 (see paragraph 64) can only be made by post and at any post office which carries out NS&I business.

26. Where an applicant applies by telephone or via the internet, the Bonds must be purchased using a debit card in the name of the proposed Bond holder issued by a UK bank or building society. This means that Bonds can only be purchased by telephone or via the internet where the applicant is able and authorised to use a debit card in the name of the proposed Bond holder (and not, for example, where a parent applies to purchase a Bond on behalf of a child).

27. Where an applicant makes an application via the internet or by telephone and this is their first application, the applicant must confirm the application by signing and returning a confirmation form we will send to them by post. The form will specify the time within which the signed form must be returned to us. If the form is not received by us within the specified time we will not be able to process the application. If this is the case any money paid to us will be refunded to the relevant debit card or by issuing a crossed warrant (like a cheque). However, we reserve the right to use another method of payment if necessary. No interest will be earned or paid and Bonds will not be eligible to be included in the prize draw for the intervening period.

28. When an application is made by post the Bond must be purchased using a cheque drawn on a UK bank or building society account held by the proposed Bond holder or applicant, where different. Where Bonds are being purchased by an attorney or a deputy, the Bonds can also be purchased using a cheque drawn on a UK bank or building society account held in the name of the attorney or deputy. In all cases Bonds can also be purchased using a UK building society branch cheque or UK banker’s draft.

29. Where an application is made at a post office the Bond can be purchased using a cheque (which must be a personal cheque drawn on a UK bank or building society account held by the proposed Bond holder, or applicant where different), a building society branch cheque or banker’s draft, or a debit card in the name of the proposed Bond holder or applicant, where different, issued by a UK bank or building society. Where an application is made via the post office acceptance by us can only occur when the application is subsequently processed by NS&I.

30. In all cases, an application to purchase is subject to acceptance by us.

31. Once an application is accepted, the date of purchase of Bonds will be:

(a) for applications via the internet, the date the online application, including
authorisation of the debit card payment from the card issuer, was received at NS&I;
(b) for applications made by telephone, the date the application, including authorisation of the debit card payment from the card issuer, was received at NS&I;
(c) for applications sent by post, the date the application and payment were received at NS&I. No responsibility will be accepted for applications which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery; and
(d) for applications at a post office, the date the application and payment were received at the post office.

32. Once an application has been accepted, the Bond holder will receive confirmation of the Bond numbers including the date and value of the purchase.

Evidence of identity

33. Under legislation relating to money laundering we are required to verify the identity and address of our customers before we can accept an application to invest. To do this we may make electronic checks using data from a third party including information from the Electoral Register. In accepting the terms and conditions the applicant confirms that they, and anyone else named on the application, are aware that their identity and address will be checked.

34. We may also request documentary evidence of identity and address. The request for evidence of identity will specify the time within which the evidence must be returned to us. If the evidence is not received by us within the specified time we will not be able to process the application. We accept no responsibility for documents which are lost in the post, or affected by postal delays. Proof of posting will not be accepted as proof of delivery.

35. If we are unable to process an application due to lack of evidence of identity, the application will be cancelled from inception and any money paid to us will be refunded to the relevant debit card or by issuing a crossed warrant (like a cheque) to the applicant named on the application form. However, we reserve the right to use another method for payment if necessary. No interest will be earned or paid and Bonds will not be eligible to be included in the prize draw for the intervening period.

Cancellation rights

36. If an applicant is not happy with their purchase of Bonds they have 14 days from the date the confirmation of purchase was received within which to cancel the Bonds. To cancel the Bonds an applicant must notify us in writing, by post, by fax, by email, or by telephone, using the details at the end of these terms and conditions.

37. If an applicant cancels their Bonds we will return all of the money to them. No interest will be earned or paid for this period and the Bonds will not be eligible to be included in the prize draw. If an applicant does not cancel their Bonds, the Bonds will become eligible for the prize draw in accordance with paragraph 12 and these terms and conditions will apply until the Bonds are repaid.

Regular Purchase Scheme

38. Existing Bond holders may, subject to the minimum purchase limit (see paragraph 42) and maximum holding limit (see paragraph 44), purchase further Bonds under these terms and conditions through the Premium Bonds Regular Purchase Scheme. The Regular Purchase Scheme is not available for purchases on behalf of children under 16 years. Payment for the Bonds must be by standing order from a UK bank or building society account in the Bond holder’s name. We will automatically send a Bond holder confirmation of the new Bonds purchased. The date of purchase will be the date the payment is received in the Director’s account. A Bond holder may cancel such a standing order at any time without notifying NS&I.

Reinvestment of prizes

39. Subject to the maximum holding limit (see paragraph 44), a Bond holder may elect to purchase Bonds by the automatic reinvestment of prizes by completing an instruction form or by opting in by telephone or via the internet.

40. For all purchases made by means of an automatic reinvestment of prizes, a Bond holder will receive confirmation of the Bond numbers including the value and date of purchase.

Purchase and holding limits

41. Bonds may be purchased in multiples of £1. The minimum purchase at any time is £100 (one hundred £1 units). Purchases made by cheques for less than £100 will be returned to the applicant.

42. Where the purchase is made under the Regular Purchase Scheme (see paragraph 38) the minimum is £50 (fifty £1 units). If any purchase is for less than £50 it will be returned to the Bond holder’s bank in full.

43. The purchase limits in paragraphs 41 and 42 do not apply where the purchase is made under an automatic prize reinvestment mandate (see paragraph 39). Where such a purchase will take the holding up to the maximum limit (see paragraph 44), any balance of a prize will be paid to the Bond holder.

44. A Bond holder may not hold more than £30,000 (thirty thousand £1 units). This limit is set by the Regulations and may be changed from time to time. If any purchase would result in this limit being exceeded, the payment will be returned in full.

Cashing in

45. Subject to paragraph 51, a Bond holder can cash in their Bonds at any time, for any reason, without charge. In certain limited circumstances (such as where the Bond holder lacks capacity and an application is made by their deputy), we may also accept requests for repayment from persons other than the Bond holder.

46. Bonds purchased by cheque or debit card can only be cashed in after payment has cleared. However, in certain circumstances, we may allow Bonds purchased by debit card to be cashed in before the payment has cleared. If we so allow, we will repay the sum requested to the debit card from which the deposit was made.

47. It will normally take seven banking days from the date of purchase for payments to clear. For example, if we receive a cheque on a Monday, the payment will be cleared on the Tuesday of the following week. Payments made at a post office will normally take two banking days longer than the timescale set out above and will be available for withdrawal from the ninth banking day. For example, if a cheque is paid at a post office branch on a Monday, the payment will be cleared on the Thursday of the following week. One additional day on top of these timescales should be allowed for each English bank holiday. The same clearance periods apply for debit card payments. Payment clearance may exceed the timescales given above if the drawer of the payment has recently switched their banking service to another provider.

48. As Bonds are issued in units of £1, the minimum amount that can be cashed in at any one time is £1.

49. For internet or telephone applications to cash in made via the Service, Bond numbers will automatically be selected on a “first in, first out” basis (the oldest Bond numbers will be selected first and the most recent Bond numbers selected last). Payment will be made by electronic transfer to the nominated bank account.

50. For postal applications to cash in, payment will normally be made by electronic transfer to the nominated bank account. However, in certain circumstances we may accept requests for payment to be made by crossed warrant (see paragraph 60).

51. To make sure that Bonds remain eligible for the prize draw for the maximum period of time applications to cash in received during the last two banking days of a month will not be processed until one banking day after the first day of the next month. Consequently there may be a delay of up to three banking days in us issuing the payment.

Repayments by electronic transfer

52. Where repayment is to be made by electronic transfer, repayments will normally be made to a UK bank account (including an NS&I Direct Saver) or building society account in the Bond holder’s name.

53. We intend to use BACS as the means of making these electronic transfers (although we reserve the right to use a different means if necessary).

54. The nominated bank or building society account must be capable of receiving payment via BACS.

55. Bond holders who have not already advised us of their nominated bank or building society account will be asked to provide details of an account suitable to receive electronic transfers when they apply to cash in their Bonds.

56. For telephone or internet applications to cash in, we will normally initiate the electronic transfer within three banking days of receiving instructions.

57. For postal applications to cash in, we will normally initiate the electronic transfer within eight banking days of receiving instructions.

58. Once we have initiated the electronic transfer, the date of repayment, for the purposes of these terms and conditions, will be taken to be the date on which, in the normal course, the requested amount would be credited to the nominated bank or building society account. In the case of BACS, this is normally two banking days after we initiate the transfer.

59. Where an electronic transfer is initiated properly we will not be liable for:

(a) any failure or delay of the receiving bank or building society in crediting the nominated account; or
(b) any failure or delay in any part of the electronic transfer process which is beyond our direct control (including any failure which occurs because the nominated account is incapable of receiving an electronic transfer).

Repayments by crossed warrant

60. We will normally process the application for payment and issue a crossed warrant within eight banking days of receiving the instructions. The date of repayment will be taken to be the date on the crossed warrant.

Repayment of Bonds by NS&I

61. We can repay Bonds immediately, without needing an application to cash in, if:

(a) we reasonably think any of the persons named in the application have provided false information;
(b) we reasonably suspect that the Bonds are being held for an illegal purpose;
(c) the applicant who applied to purchase the Bonds, was not entitled to purchase them, or the Bond holder is not entitled to hold them;
(d) the Bond holder’s holding exceeds the maximum allowable (see paragraph 44) (to the extent that the holding exceeds the maximum);
(e) the Bond holder fails to comply, in a material manner, with the terms or conditions for holding the Bonds; or
(f) we have any other valid reason to do so.

Transfers

62. Bonds are not transferable at any time. Following the death of a Bond holder, the value of the Bonds will form part of the deceased Bond holder’s estate.

Payment of prizes

63. Apart from Bonds held on behalf of a child (see paragraph 70), prizes:

(a) subject to subparagraphs (c) and (d), will normally be paid by crossed warrant to the last recorded address for Bond holders who are not registered to use the Service for their Bonds;
(b) subject to subparagraphs (c) and (d), may be paid by electronic transfer to the nominated bank account for Bond
holders operating their holding by means of the Service. Where payment is made by electronic transfer Bond holders will receive notification of any prizes by email;
(c) will result in the purchase of new Bonds (subject to the maximum holding limit – see paragraph 44) for Bond holders
who have selected the automatic prize reinvestment option (see paragraph 39), unless the prize is a high value prize; or
(d) will lead to NS&I asking Bond holders to confirm their preferred method of payment, where they have selected the automatic prize reinvestment option and the prize won is a high value prize.

Children under 16 years

64. Bonds may be purchased on behalf of and in the name of a child under 16 years of age, by their parent, grandparent, great grandparent, or guardian (see paragraph 21). However, Bonds cannot be purchased for children over the internet or by telephone.

65. The Bond numbers, including the date and value of purchase, will be sent to the parent or guardian nominated in the application to purchase. Only one parent or guardian may be nominated to manage a holding on behalf of a child. Where the Bonds are purchased by a grandparent or great grandparent the applicant will be sent an acknowledgement of the purchase.

66. The parent or guardian nominated in the application to purchase will have responsibility for managing the Bonds while the child remains under 16 years of age. All communications relating to Bonds held by a child, including instructions to cash in Bonds, will be accepted from the nominated parent or guardian, unless there are exceptional circumstances causing us to doubt that the nominated parent or guardian is a fit person to manage the Bonds.

67. There may be multiple holdings for one child and each may have a separate nominated parent or guardian. In such circumstances each nominated parent or guardian will have a separate holder’s number and will normally only be able to manage and have access to the holding for which they are the nominated parent or guardian.

68. The maximum holding limit referred to in paragraph 44 applies to the total number of Bonds held by a child, regardless of who has responsibility for managing those Bonds. For the purposes of the maximum holding limit, a child’s Bonds are treated separately from any held by the nominated parent or guardian on their own account.

69. As indicated in paragraph 38, the Regular Purchase Scheme is not available for purchases on behalf of children under 16 years.

70. Prizes won by a child under 16 will normally be paid by crossed warrant, made payable to the nominated parent or guardian for that holding.

71. Repayment of Bonds will normally be made by electronic transfer to a bank account in the name of the nominated parent or guardian, or by crossed warrant made payable to the nominated parent or guardian for that holding.

Giving us instructions

72. Instructions can be given:

(a) via the internet (where a holding is registered for the Service);
(b) by telephone (where a holding is registered for the Service); or
(c) by post to NS&I by completing the relevant form (available from NS&I) and returning it to us.

73. We cannot change or cancel payment instructions because we start processing them when we receive them.

74. We may refuse to act on instructions if:

(a) we reasonably believe that they were given by a person who was not entitled to give us instructions;
(b) we reasonably suspect fraudulent activity in relation to the Bonds;
(c) the instructions are unclear, incomplete or not in the required form;
(d) in carrying out the instructions, we might thereby act contrary to a law, regulation, code or other duty which applies to us;
(e) it would cause any limit or restriction which applies to a holding of Bonds to be exceeded; or
(f) we have any other valid reason for not acting on the instructions.

75. If we refuse to act on instructions we will notify the Bond holder and, if possible, give our reasons for doing so. Bond holders can obtain information about the refusal and, where appropriate, our reason for refusing, along with information on how to correct any errors that led to the refusal, by contacting us using the details at the end of these terms and conditions (unless we are prevented by legal obligations, or circumstances beyond our control, from providing this information).

Telephone and Internet Service

76. We offer the opportunity to purchase and manage Bonds via the telephone and/or internet, to opt to receive paperless documents and to receive payment of prizes by electronic transfer with notification of any prizes won by email. The Service is offered to Bond holders and, where a Bond holder lacks capacity or has created a valid power of attorney, a limited Service is offered to those entitled to manage their Bonds (each a “prospective user”). To use the Service to both purchase and manage Bonds, a prospective user will need to register either by telephone or via the internet as part of their application to purchase. If a prospective user wants to register to use the Service to manage Bonds that they have already purchased, they will need to complete a registration form (available from us or to download from our website) and return it to us for processing. Deputies and attorneys can only register to use the limited Service by completing the registration form and returning it to us for processing.

77. If a prospective user registers as part of an application to purchase made over the internet, they will be asked to supply security information and choose a password. If the prospective user is an existing customer who has already registered to use the Service, they must use their existing security information and password to purchase and manage the relevant Bonds (see paragraph 80).

78. If a prospective user registers as part of an application to purchase made by telephone, they will be asked to supply security information. After registration, we will send a temporary password to the registered user. Before the registered user can manage Bonds using the Service, they will need to change the temporary password to one of their own choosing. The temporary password will expire after 60 days so the registered user will need to change it before then. If they do not change their temporary password before it expires we will issue them with a new password when they next contact us. The new temporary password must be changed within 60 days.

79. We will use the password and security information to verify the identity of the person seeking to access the Service. If for any reason a registered user wishes to change their security information or password they can do so via the internet, or by calling us. We may ask for any change to be confirmed in writing.

80. Registered users must take reasonable precautions to prevent unauthorised use of the Service. They should not disclose any information which will give access to the Service to anyone other than us. They should not record their password or security information in any way that may result in them becoming known to another person.

81. Please note that after initial registration we will never contact registered users, or ask anyone to do so on our behalf, with a request to disclose security information in full. If registered users receive any such request from anyone (even if they are using our name and logo and appear to be genuine) then it is likely to be fraudulent and registered users must not supply their security information to them under any circumstances. Registered users should report any such request to us immediately.

82. The Bond holder will be responsible for any instructions received by us between the time a registered user passes the security procedure until the time that registered user exits from the Service. Please note that this includes any input errors or instructions sent by someone other than the registered user, so registered users are asked not to leave the device they are using to access the Service unattended while logged on.

83. Please note that we are entitled to repay Bonds where instructions to cash in have been given through the Service, if particulars of the security information were correctly provided.

84. If a registered user has reason to suspect that their security information and/or password have become known to a third party, they should immediately notify us by telephone. We may ask for this to be confirmed in writing.

85. While we will make reasonable efforts to provide the Service, we will not be liable for any failure to provide the Service, in part or full, for any cause that is beyond our reasonable control. This includes, in particular, any suspension of the Service resulting from maintenance and upgrades to our systems or the systems of any party used to provide the Service.

86. We may, where we consider it is appropriate for the protection of Bond holders, suspend, withdraw or restrict the use of the Service or any part of the Service. We will inform Bond holders as soon as practicable if we take such action. We may also end the Service or any part of the Service at any time by giving reasonable notice.

Liability

87. If a Bond holder, or anyone entitled to manage their Bonds, tells us that an application to cash in Bonds was not authorised, we will carry out an investigation. As soon as we are reasonably satisfied that the application to cash in was not authorised, we will, subject to paragraph 88, reinstate the Bonds to the position they would have been in if the unauthorised payment had not taken place. This means that, in addition to the amount of the unauthorised payment, we will pay any prizes for which the Bonds would have been eligible, but we will have no further liability.

88. However, we will not be liable for:

(a) any payments made in respect of Bonds where the Bond holder, or anyone entitled to manage their Bonds, has acted fraudulently; or
(b) any payments which both:
(i) result from a deliberate or careless failure of the Bond holder, or anyone entitled to manage their Bonds, to keep their password or security information secret; and
(ii) occur before we are notified that the password or security information has been disclosed to a third party.

89. If we are asked to make a payment by electronic transfer and, after a reasonable period has elapsed, the bank or building society to which payment should have been made says that it has not received the payment, we will make the payment again, unless:

(a) there was a mistake in any of the details contained in the payment instructions given to us. If this is the case, we will make reasonable efforts to recover the funds; or
(b) we can show that the payment was in fact received by the bank or building society to which payment should have been made.

How we use your information

90. We may use any information provided to us to help us:

(a) manage Bonds;
(b) prevent and detect crime;
(c) understand our customers’ requirements; and
(d) develop and test products and services.

91. We treat all information we hold concerning customers as private and confidential. We will not reveal any personal details or details concerning a customer’s investments to anyone not connected with NS&I, unless:

(a) the customer asks us to reveal the information, or we have the customer’s permission to do so;
(b) we are required or permitted to do so by law;
(c) it is required by credit reference and fraud prevention agencies and other companies that provide a service to us or the customer; or
(d) there is a duty to the public to reveal the information.

92. When giving us information about another person, the person providing the information is required to confirm that they have been appointed to act on behalf of that other person. This includes providing consent to process that other person’s data as set out in these terms and conditions.

93. We may monitor or record telephone calls for training, quality assurance and other business purposes.

94. The NS&I website uses cookies to collect anonymous data in order to administer the website. It is possible to set internet browser software so as to disable the use of cookies. Please note however that application forms and other processes require the use of cookies for correct operation.

95. From time to time we may change the way we use customer information. Where we believe that customers may not reasonably expect such a change we will notify them personally. If customers do not object to the change within 60 days, we will deem them to have consented to that change.

96. Information about the Bond holder and their Bonds will be kept after a holding is closed to maintain the integrity of the Premium Bonds prize draw process. Customer information will be held by us in both paper form and on our IT systems. Customers wishing to obtain a copy of the information we hold about them can make a Data Subject Access Request under the Data Protection Act and send it to: The Data Protection Officer, National Savings and Investments, 1 Drummond Gate, London SW1V 2QX – make sure the request is signed. A Data Subject Access Request form is available to print off and complete in the ‘Privacy’ section of the NS&I website. Alternatively, customers can write to the Data Protection Officer giving us their full name, current address and any previous addresses, which savings or investments they have with us and the account, holder’s or customer numbers. There may be a small charge for this service – if so, we will make this clear.

97. We would like to keep customers up to date with information about our products and services which we think might interest them. If a customer does not want to receive this information they can contact us using the details at the end of these terms and conditions.

How to notify us of changes to personal details

98. To enable us to manage Bonds effectively and to be able to contact Bond holders when necessary we ask that they let us know, as soon as possible, of any changes in name, address, telephone number or email address. Bond holders should also ensure that their nominated bank account details are kept up to date. If they are registered to use the Service they should notify us of any such changes by telephone, or update their details on the internet. Otherwise they should write to us at the address at the end of these terms and conditions.

Complaints

99. If we make a mistake we’ll aim to put things right quickly and without fuss, and we have a procedure designed to resolve complaints effectively and fairly. Complaints can be made in writing to the Customer Service Team at the address at the end of these terms and conditions, by calling us free on 0800 092 1286 (calls from mobiles and some landline providers may not be free), or by visiting nsandi.com, clicking ‘Contact us’, clicking on the ‘Contact us online’ button in the ‘Email us’ section , and selecting ‘complaint’ in the ‘subject’ dropdown menu. A leaflet describing our complaints procedure is available on request or to download at nsandi.com, by clicking ‘Why save with us’, clicking on ‘Our commitment’ and then clicking on the link under the heading ‘Not happy with our service?’.

100. If a customer feels that we have not resolved their complaint to their satisfaction, they may be able to refer it to the Financial Ombudsman Service (the “FOS”) at South Quay Plaza, 183 Marsh Wall, London E14 9SR (Tel 0800 023 4567). The FOS is an organisation set up by law to give consumers a free and independent service for resolving disputes.

Changes in these terms and conditions

101. The Treasury reserves the right to amend these terms and conditions at any time.

102. Typically, changes will be made pursuant to paragraph 101:

(a) to make the terms and conditions clearer or more favourable to the Bond holder;
(b) to reflect changes in the Government’s funding requirements;
(c) to reflect changes in the law or a decision by an ombudsman;
(d) to enable us to meet changed regulatory requirements;
(e) to reflect any changes in any codes of practice to which we subscribe;
(f) to reflect changes in the general practice of banks and other organisations offering similar products or services; or
(g) to allow for new technology systems, methods of operation, security or facilities.

103. If the change is to the Bond holder’s detriment, details of the change will be published on our website, in the Gazettes and, if appropriate, in a range of national newspapers.

104. Where these terms and conditions are superseded by new terms and conditions, the new terms and conditions will apply to new purchases and existing holdings. The current terms and conditions are available at post offices and from NS&I, and on our website at www.nsandi.com.

Regulations

105. As at 1 April 2014, The Premium Savings Bonds Regulations 1972 (Statutory Instrument Number 1972/765) have been amended by the following Statutory Instruments:

1976/1543 1977/1447 1980/767 1981/310 1984/601
1986/2001 1988/1356 1991/1337 1992/3116 1995/1002
1997/1862 1999/3305 2003/1085 2004/2353 2005/2114
2007/1898 2009/1263 2010/291 2010/2479  


106. The Statutory Instruments listed in paragraph 105 can be accessed at www.legislation.gov.uk.

Law and jurisdiction

107. These terms and conditions and any agreement made on the basis of them will be governed by and interpreted in accordance with English law.

108. In the event of the death of a Bond holder, the Director reserves the right to make any payment in respect of the Bond in accordance with the law of the place in which the Bond holder resided or, if different, was domiciled at the date of their death.

109. Subject to paragraphs 110 and 111, the courts of England are to have exclusive jurisdiction to settle any dispute (including claims for set off and counterclaims) which may arise in connection with these terms and conditions or any agreement made on the basis of them and which, subject to the Regulations, falls to be determined by a court of law.

110. Where section 16 of the Civil Jurisdiction and Judgments Act 1982 applies the relevant court of law of the relevant part of the United Kingdom shall have jurisdiction to settle any such dispute.

111. Paragraphs 109 and 110 are included for the benefit of NS&I. Accordingly NS&I retains the right to bring proceedings in any other court which has jurisdiction to whose jurisdiction the holder irrevocably submits.

Premium Bonds
National Savings and Investments
Glasgow
G58 1SB

1 April 2014

PLEASE KEEP FOR REFERENCE


Have you ever held Premium Bonds?

Yes-have your holder’s number ready.

No, and I don’t have an NS&I number and password.

No, but I do have an NS&I number and password.

Your informationYour information

It is important that you read and understand the section entitled ‘Customer information’ in our terms and conditions which explain more about how we use your information.

I have read and accept the terms and conditions dated 1 April 2014.



What happens after you apply?

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What happens after you apply?

After you apply online, we will send you an email confirming that we’ve received your application.

If this is your first investment in Premium Bonds

For both online and phone applications we will post you a confirmation form to sign and return. We may also ask for proof of identity and address.

If you already have Premium Bonds

We may post you a form to complete and return if we need more information before we can register you for the online and phone service. We may also ask for proof of your identity and address.

Before we can process your application

If we ask you to sign a form or send us some documents, we need to receive them from you within 21 days of the date you applied. So please make sure you reply in good time.


What happens next

The steps are slightly different depending on how you registered, so just click on the section that’s relevant to you.

You registered while buying Premium Bonds by phone or you already hold Premium Bonds and you registered while buying more Bonds online

This is your first investment in Premium Bonds and you registered while buying Bonds online

You already hold Premium Bonds and you registered by completing a form and posting it to us


When can I start using the service?

You can start to use the service when you’ve received both your confirmed NS&I number and password. There may be a delay of up to 10 days before you receive these, while we check whether you hold any other accounts with NS&I.


What’s an NS&I number?

Your NS&I number is your unique identification number as a customer of NS&I. You’ll need it when using our online and phone service to manage selected accounts and investments with NS&I. When you receive confirmation of your NS&I number, please keep it in a safe place.


Your right to cancel

If you invest in Premium Bonds but then decide they don’t suit your needs, let us know in writing* or call us within 14 days of receiving your Bond record or secure message confirming your investment. We’ll then refund your money in full.

* By post to Premium Bonds, National Savings and Investments, Glasgow, G58 1SB; by fax on 0141-636 8744; or by email to customerenquiries@nsandi.com.




Managing your Bonds

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How do I know if I have won?

You can use the Premium Bonds prize checker to check if you have won. The prize checker is usually updated by the third working day of the month. To check for prizes you need to enter your Premium Bond holder's number and not the individual Bond numbers.

The Premium Bonds prize checker will show any prizes won by your Premium Bonds in the past six draws as well as any outstanding prizes since your Bonds entered the draw.


Not received a prize you've won?

If you have won in the most recent draw but have not received your prize, please allow until the end of the month for it to reach you if you normally receive prizes by warrant (like a cheque). If you've chosen to receive prizes directly into your bank account, please allow until the seventh working day of the month.

If you still haven't received your prize within these timescales, go to Report a missing prize.


Auto prize reinvestment

You can boost your chances of winning by automatically reinvesting any prizes into more Premium Bonds. And with an automatically reinvested prize your Bonds will go into the very next draw, rather than having to wait a full calendar month following the month you bought them.

If you’d like to take advantage of automatic prize reinvestment, you can:

  • if you have registered for our online and phone services, you can select this option by logging into your online account or by phone

  • download the form below, print and complete it, then return it to us

Automatic reinvestment form

Please note:

  • Once you have registered for automatic prize reinvestment, only future prizes will be eligible for reinvestment. This will take effect in the month following your registration for this service

  • if you already hold the maximum £30,000 in Premium Bonds, you won’t be able to reinvest any prizes you win

  • if you have already received a prize warrant and want to reinvest it into more Premium Bonds we can only do this if you return it to us with a  purchase application form. The minimum purchase is £100 so you may also need to send us a cheque to make up any shortfall. Your Bonds will be eligible for the draw once they have been held for one full calendar month following the month you bought them.

Please allow up to a month for us to set up your automatic reinvestment mandate. After it has been set up we will issue new Premium Bonds for you whenever you win a prize, telling you which of your Bond numbers won. If you win a prize of £5,000 or more we’ll contact you before reinvesting it.

In the meantime, you can invest now to increase your chances.


Managing your Bonds online and by phone

You can choose how to manage your Premium Bonds. However, if you want to manage them online or by phone you will need to register for this service. We know that not everyone wants to use the internet or phone, so you can still buy Bonds by post or at a Post Office and manage them by post.

What you can do online and by phone

Once you've registered for the service you can

 
Find out more about how to manage your Bonds online and how to go paperless


How to register

Do you have an NS&I Direct ISA or Direct Saver?

You're already registered to use our online and phone service, so you can manage your Premium Bonds straight away using your existing password and security details. If you already have Premium Bonds but can’t view details of them when you log in, please complete the form below and post it back to us. Before posting the form, please ensure that you have enclosed both pages (if you have purchased Premium Bonds since 29 December, or are about to do so, you do not need to download this form as all relevant documents will be sent to you). If you don’t have Premium Bonds but would like to buy some, you can apply now online.

Online

When you buy Bonds on our website you’ll need to register for our online and phone service as part of your application. If this is your first investment in Premium Bonds we’ll ask you to choose a password and other security information as part of your application. If you already hold Premium Bonds we’ll send a temporary password (which you’ll need to change to one of your own choice) to the postal address you gave us. You’ll need your password, along with your NS&I number (see below), whenever you use our online and phone service.

By phone

When you buy Bonds by phone, we’ll ask you to provide some security information when we take your application. We’ll then send a temporary password (which you’ll need to change to one of your own choice) to the postal address you gave us. You’ll need your password, along with your NS&I number, whenever you use our online and phone service.

By post

If you already have Premium Bonds and you just want to register for our online and phone service without buying more Bonds, use the form below and post it back to us.

To register, complete the online and phone registration form

When can I start using the service?

You can start to use the service when you’ve received both your confirmed NS&I number and password. There may be a delay of up to 10 days before you receive these, while we check whether you hold any other accounts with NS&I.


What’s an NS&I number?

We’ll issue you with an NS&I number when you first register for our online and phone service. (You’ll already have one if you have an NS&I Direct ISA or Direct Saver, or if you use the phone service for our Easy Access Savings Account or Cash ISA.) Your NS&I number is your unique identification number as a customer of NS&I. You’ll need to quote it whenever you use our online or phone service.


What about the holder’s number?

We give a holder’s number to everyone who has Premium Bonds, whether or not they’ve chosen to register for our online and phone service. It’s a way of linking all the individual Premium Bonds you have with us. Please quote it whenever you buy more Bonds, cash in or have a query. If you register for our online and phone service, we’ll give you an NS&I number as well as a holder’s number.


Your password

Your password identifies you as the account holder and we’ll ask you about it each time you access your account.

Your chosen password must be between six and eight characters long. It must contain at least one upper case letter, one lower case letter, one number and one special character. A special character can be any of these:
! # $ * + , . / : ? @ [ ] ^ _ ` { | }

An example password would be: Uhsd895*, but please don’t use this as your own password.


Managing Bonds online and by phone for a child under 16

You won’t have access to the full range of options, but as the parent or guardian responsible for the Bonds you can:


Managing Bonds online and by phone under a Power of Attorney

You won’t have access to the full range of options, but as a Power of Attorney or Receiver responsible for someone else’s Bonds you can:

If the holder had already chosen to receive prizes paid directly into their bank account with notification by email, then a Power of Attorney or Receiver can change the nominated bank account but not the holder’s email address.


Cashing in

You can cash in all or part of your Bonds at any time. You can do this either online or by phone (registration required) or by post (no registration required) – see below for details.

Cashing in by post

Print out and complete the form below. Or you can ask for a form at any Post Office® branch. Then post your completed form to us together with the Bond certificates to be cashed in (if you have them).

Download a Cash in Premium Bonds form

If you want to cash in from a specific range of Bond numbers, you'll need to list on the form the start number of each Bond you want to cash in (otherwise we'll automatically cash in your oldest Bonds first). We’ll then cash in from the end of each range of Bond numbers you specify.

You can choose to be paid directly to your bank account (we recommend this method as it is more secure) or by warrant (like a cheque). (If you are already registered for our online and phone service, and you use the form to cash in Bonds, we’ll automatically pay the money to your nominated bank account on our records. Your nominated account must be a UK bank account held in your name.) We’ll issue your payment within eight working days of receiving your form, unless you ask us to defer payment until after the next prize draw.

Cashing in online or by phone

Once you have registered and have received confirmation of your NS&I number and password, you can use our online and phone service to cash in Premium Bonds. When you use this service, we will automatically cash in your oldest Bonds first and pay the money directly into your nominated bank account (which must be a UK bank account held in your name). We’ll normally initiate your payment within three working days of receiving your instructions, unless you ask us to defer payment until after the next prize draw. Once we've issued your payment, you'll normally receive it within two working days.

If you want to cash in from a specific range of Bond numbers you’ll need to tell us by post – see above.

Deceased holder

To repay a deceased holder's Bonds you need to use a different form.

Children under 16

If you are under 16 years of age, only your parent or guardian who has control of the Bonds can cash them in.

Bonds bought for you when you were a child

If Bonds were bought for you when you were a child and you have now turned 16, you now have responsibility for the Bonds. You can apply to cash in your Bonds but we may need to ask you for evidence of identity before we can repay your money.