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Premium Bonds

Happy days!

Win from £25 up to £1 million, tax-free, in our monthly prize draw

Premium Bonds: facts and figures

  • Odds of winning for each £1 Bond number 24,500 to 1
  • Annual prize fund interest rate 1.40%
  • Tax All prizes tax-free
  • Minimum investment £25
  • Maximum investment £50,000 per person

Suitable for savers who:

  • want the chance every month to win a £1 million jackpot and other tax-free prizes
  • have £25 or more to invest
  • want 100% security for their money
  • want to make the most of tax-free investment opportunities
  • want to buy them as a gift for a child under 16

Not for savers who:

  • want a regular income
  • are looking for guaranteed returns
  • are concerned about inflation eroding their savings
  • you want to invest jointly with someone else or in trust

Information for new customers

Key product information

Account name

NS&I Premium Bonds

Interest rates

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

See prize draw details

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable

Withdrawal arrangements

No notice, no penalty

Access

Apply and cash in online, by phone or by post

Definitions

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

  • How to buy Premium Bonds

    Each investment must be at least £25 and in whole pounds.

    Online

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

    By phone

    You can call us all day, every day. Please have your debit card details ready.

    (If you’re buying Bonds for someone else’s child, you cannot buy by phone.)

    Please note, we don't accept credit card payments.

    By post

    To buy Premium Bonds by post, complete an application form and send it to us with a cheque payable to NS&I.

    Print and complete an application form:

    Buying for yourself or your child under 16

    Buying as a gift for someone else’s child under 16

    Bank transfer or standing order

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

    Find out more
  • Buying for children under 16

    Premium Bonds can make a special gift for a child under 16.

    Until the child’s 16th birthday the parent or guardian nominated on the application looks after the Bonds, regardless of who buys them.

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

    Buying for your own child

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

    Buying for someone else’s child

    You can apply online or by post. You can ask us to send you an electronic or paper gift card for you to pass on to the child. We’ll also send you an acknowledgement of your investment. But only the nominated parent or guardian will be able to manage and cash in the Bonds.


    Before you apply for someone else’s child:

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

    As part of your application you will will need to know:

    • the parent's/guardian's date of birth and address
    • the child's Premium Bonds holder's number (if they have one)
  • Power of Attorney - applying on behalf of someone else

    Want to apply on behalf of someone else under a Power of Attorney or Court of Protection Order?

    If you have already registered your authority with us and have registered for our online service, you can apply for an account online. Just click the ‘Apply now’ button at the bottom of the screen to get started.

    If you haven’t, you'll need to:

    1. register your authority with us first (see our guide below to find out how)
    2. register for the online service
    3. then you can log in and apply for an account online

    Or you can apply by post using the application form below and register your authority at the same time by enclosing the original Power of Attorney or confirmation of your appointment as a Deputy, or a certified copy (see our guide below).

    Our guide to acting on behalf of someone else

    Premium Bonds application form

    Please note that if you have restricted authority, or must act jointly with another appointed individual, you can only apply for the account by post.

  • Interest and tax

    Premium Bonds don’t pay any interest. Instead your Bonds enter a monthly prize draw for a chance to win tax-free prizes. Remember that inflation can reduce the true value of your money over time.

    Find out more about the draw.

    Any prizes you win are completely free of UK Income Tax and Capital Gains Tax.

    Find out more about tax and savings

  • Living outside the UK?

Information for existing customers

Looking after your Bonds

You can manage your Premium Bonds online and by phone - you’ll need to register first.

More about managing your Bonds online

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

You can also give us instructions by post.

We’ll send you confirmation every time you buy or cash in Bonds. You can choose to go paperless or get it by post.

Your holder’s number

We give a holder’s number to everyone who owns Premium Bonds. It links all the individual Premium Bonds you have. Quote it whenever you buy more Bonds, cash in or have a query. It’s different to your NS&I number, which we give you when you register for our online and phone service.

  • Three ways to get your prizes

    1. Paid directly to your bank account

    Already registered for our online and phone service? Simply log in, go to Paperless options under Your profile in the top menu and choose to go paperless for your Premium Bonds.

    Not registered yet? Find out how

    2. Automatically reinvested into more Bonds

    You can choose to automatically reinvest prizes into more Premium Bonds. Your Bonds will go straight into the next prize draw.

    Log in

    Automatic reinvestment form

    Read this before setting up an automatic reinvestment
    • Only future prizes will be eligible for automatic prize reinvestment. We’ll need a few days to set up this service for you, so don’t leave it too late in the month.
    • Hold the maximum £50,000? You won’t be able to reinvest any prizes.
    • After we’ve set up your automatic reinvestment, we will issue new Bonds for you whenever you win a prize, and tell you which of your numbers won. For a prize of £5,000 or more, we may need to check with you first before paying it. If so, we’ll send you a claim form to complete and return.

    3. Paid by post

    In some instances, we may pay prizes by posting you a warrant (like a cheque). You would then need to take the warrant to your bank and wait for it to clear

  • Buying more Bonds

    Each investment must be at least £25 and in whole pounds.

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

    You can also buy online, by phone or by post. (If you’re buying Bonds for someone else’s child, you cannot buy by phone.)

    By bank transfer and standing order

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

    Give the following details to your bank and tell them how much to transfer and how often. You’ll normally be able to do this online, by phone or in a branch, depending on your bank.

    Reference: You must enter your (or the child’s) Premium Bonds holder’s number (not your NS&I number) as the reference. You can find your holder’s number on your Bond record or by logging into our online service.

    Make sure you enter the holder's number correctly without any hyphens, spaces or full stops. Don't add any other information in the reference field apart from the holder's number.

    Payee name: NS&I
    Account number: 11994808
    Sort code: 08 31 15

    You should receive confirmation of your investment within 5 working days of us receiving money from your bank.

    Or download and print a standing order form then complete it and give it to your bank.

    Online or by phone

    Log in or call us at any time with your debit card details.

    Please note, we don’t accept credit card payments.

    Log in

    By post

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

    Buying for yourself or your child under 16

    Buying as a gift for someone else's child under 16

  • Power of Attorney - managing on behalf of someone else

    Want to manage an account on behalf of someone else under a Power of Attorney or Court of Protection Order?

    You’ll need to register your authority with us first. Our guide below explains how to do this:

    Our guide to acting on behalf of someone else

    If you want to manage the account online or by phone, you’ll also need to register for our online and phone service:

    Register for our online and phone service

    Please note that if you have restricted authority, or must act jointly with another appointed individual, you can only manage the account by post.

  • Cashing in

    You can cash in all or part of your Bonds at any time. Registered for our online and phone service? Simply log in or call us.

    Log in

    Call us

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

    Print and complete a cashing in form

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

    Find out how long it takes to receive your payment

  • Changing your personal details

    It’s important to keep us up to date with any changes so we can make sure you receive any prizes you win.

    Log in or call us if you’ve registered to use our online and phone service.

    If not, use the forms below.

    Premium Bonds change of details form

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

The prize draw

We pay out over three million prizes every month to lucky Bond holders whose numbers are generated completely at random. Prizes range from £25 to £1 million and are all tax-free.

  • When do Bonds go into the draw?

    Your Bonds become eligible for the draw one full calendar month after you buy them. So when you buy Bonds in November, they’ll be in every draw from January.

  • How does the draw work?

    We’ll give you a unique Bond number for every £1 you invest. Every number has a separate and equal chance each month of winning a prize. So the more Bonds you buy, the better your chances of winning!

    ERNIE (our Electronic Random Number Indicator Equipment) generates numbers completely at random. We match those numbers against eligible Bond numbers to determine the lucky winners. Every £1 Bond number has exactly the same chance of winning.

  • Who checks that the draw is random?

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

  • How are prizes paid?

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

    • Direct to your bank account with notification by email (you'll need to be registered for our online and phone service)
    • Automatically reinvest into more Premium Bonds (your Bonds will go straight into the next prize draw)

    For a prize of £5,000 or more, we may need to check with you first before paying it. If so, we’ll send you a claim form to complete and return. And if you’re lucky enough to scoop a jackpot, our representative ‘Agent Million’ will visit you in person. Make sure you ask for identification – we’ll always have it ready for you.

    Find out more about getting prizes.

New customers
Apply now
Existing customers
Top up by bank transfer Top up by debit card
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Top up by
bank transfer

All the information you need is here. Or download and print our handy guide and take it to your bank.

Download guide
  • You must be aged 16 or over and buying Bonds for yourself or for a child under 16.
  • You or the child must already have some Premium Bonds, and you must know your (or the child’s) holder’s number.
  • Each investment must be at least £25 and in whole pounds.
  • The bank account must be a UK account in your name.
  • When buying by bank transfer, you are confirming that you have read and accepted the current customer agreement.
  • Any transfers that would take you over the £50,000 limit will be automatically refunded in full to your bank account, so you may want to check your Premium Bonds balance before investing.
  • Please note that we do not accept payment via Clearing House Automated Payment System (CHAPS).
Give the following details to your bank
Reference: You must enter your (or the child's) Premium Bonds holder’s number (not your NS&I number) as the reference. You can find your holder’s number on your Bond record or by logging into our online service.

Make sure you enter the holder's number correctly without any hyphens, spaces or full stops. Don't add any other information in the reference field apart from the holder's number.

Payee name: NS&I
Account number: 11994808
Sort code: 08 31 15
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