A fun way to save, with the chance to win tax-free prizes each month.
Essentials at a glance
What are the odds of winning?
24,500 to 1 (for every £1 Bond) until November 2020 prize draw
34,500 to 1 (for every £1 Bond) from December 2020 prize draw
What's the interest rate?
1.40% annual prize fund until November 2020 prize draw
1.00% annual prize fund from December 2020 prize draw
Will you pay tax?
No. All prizes are tax-free.
What's the min. to pay in?
£25
What's the max. to pay in?
£50,000
Great for you if …
You fancy winning tax-free prizes, up to £1 million
You have £25 or more to save
You want to make the most of tax-free saving
You want to buy a savings gift for children under 16
Maybe not for you if …
You want a regular income
You're looking for guaranteed returns
You're concerned about inflation
You want to save jointly with someone else
Premium Bonds FAQs
How it works
Each investment must be at least £25.
Buying online
You can buy Premium Bonds online using our secure online system. Please have your debit card details at the ready.
Buying over the phone
You can call us all day, every day. Please have your debit card details ready. (Please note: if you’re buying Bonds for someone else’s child, you can't buy them by phone. We don't accept credit card payments.)
Buying by post
Simply complete an application form and send it to us, with a cheque payable to NS&I.
Premium Bonds can make a special gift for a child under 16. Until the child’s 16th birthday, the parent or guardian named on the application looks after the Bonds, regardless of who bought them.
We’ll send confirmation of any transactions made, prizes won and payment for cashed-in Bonds to the nominated parent or guardian until the child is 16.
Buying for your own child
Parents or legal guardians can apply online, by phone or by post. If your child already has some Premium Bonds and you want to buy some more online or by phone, you’ll need to be registered first. This could take a few days while we set up your registration.
Buying for someone else’s child
You can apply online or by post. You can ask us to send you an electronic or paper gift card for you to pass on to the child. We’ll also send you an acknowledgement of your investment. But only the nominated parent or guardian will be able to manage and cash in the Bonds.
Before you apply for someone else’s child:
Please make sure the parent/guardian is happy to look after the investment for the child, and agrees to you giving us their details
We'll check the identity and address of everyone named on your application, and we may need to ask for documents to prove this
Please let the parent/guardian know that we might be in touch to ask for evidence of identity documents
As part of your application you'll need to know:
The parent's/guardian's date of birth and address
The child's Premium Bonds holder's number (if they have one)
With Premium Bonds, there is no interest earned. Instead the interest rate funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time.
Yes! Just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.
You can also give us instructions by post. We’ll send you confirmation every time you buy or cash in your Bonds. You can get this by post, too. Or choose to go paperless.
Your holder’s number
We give a holder’s number to everyone who owns Premium Bonds. It links all the individual Premium Bonds you have. Quote it whenever you buy more Bonds, cash them in or have a query.
Just to note, it’s different to your NS&I number, which we give you when you register for our online and phone service.
For most prizes, we’ll send them automatically through your chosen payment method. For a prize of £5,000 or more, we may need to check with you first before paying it. If so, we’ll send you a claim form to complete and return.
You can choose to either:
Have your prizes paid directly to your bank account
You’ll need to make sure you’re registered to manage your savings online first.
Then simply log in, go to 'Your profile' in the top menu and click 'Your prize options'. Click 'Change', follow the instructions and remember to click 'Save' when you've finished.
Automatically reinvest your prizes into more Bonds
You can also choose to get your prizes reinvested, meaning your Bonds will go straight into the next prize draw. Your chances of winning will increase each time you win a prize!
You can do this if you have less than £50,000 invested in Premium Bonds.
To set this up:
Simply log in, go to Your profile in the top menu and click Your prize options. Click Change, follow the instructions and remember to click Save when you've finished.
Only future prizes will be eligible for automatic prize reinvestment. We’ll need a few days to set up this service for you, so don’t leave it too late in the month.
After we’ve set up your automatic reinvestment, we will issue new Bonds for you whenever you win a prize, and tell you which of your numbers won.
From December 2020, we’re stopping prize payments by warrant (like a cheque). We’ll be doing this in phases, so by March 2021 we’ll no longer send any prizes through the post. This means you’ll need to let us know your bank details to carry on receiving any prizes you win.
You can cash in all or part of your Bonds at any time.
Have you registered for our online and phone service? If so, simply log in or call us.
You can also 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).
We pay out over three million prizes every month to lucky Bond holders, whose numbers are generated at random. Prizes range from £25 to £1 million and are all tax-free. Want to find out more? Head to our blog.
You can choose to get your prizes reinvested, meaning your Bonds will go straight into the next prize draw. Your chances of winning will increase each time you win a prize!
You can do this if you have less than £50,000 invested in Premium Bonds.
To set this up:
Simply log in, go to Your profile in the top menu and click Your prize options. Click Change, follow the instructions and remember to click Save when you've finished.
Only future prizes will be eligible for automatic prize reinvestment. We’ll need a few days to set up this service for you, so don’t leave it too late in the month.
After we’ve set up your automatic reinvestment, we will issue new Bonds for you whenever you win a prize, and tell you which of your numbers won.
From December 2020, we’re stopping prize payments by warrant (like a cheque). We’ll be doing this in phases, so by March 2021 we’ll no longer send any prizes through the post. This means you’ll need to let us know your bank details to carry on receiving any prizes you win.
Not registered to manage your Bonds online?
Just fill out a quick online form and we’ll take care of the rest.
Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.
Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.
Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.
Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.
Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.
Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.
You must enter your (or the child's) Premium Bonds holder's number only (not your NS&I number) as your reference. You can find your holder’s number on your bond record or by logging in online. Make sure you enter the holder's number correctly without any hyphens, spaces or full stops.
Payee name:
NS&I
Account number:
11994808
Sort code:
08 31 15
You must be aged 16 or over and buying Bonds for yourself or for a child under 16.
You or the child must already have some Premium Bonds, and you must know your (or the child’s) holder’s number.
Each investment must be at least £25 and in whole pounds.
The bank account must be a UK account in your name.
When buying by bank transfer, you are confirming that you have read and accepted the current customer agreement.
Any transfers that would take you over the £50,000 limit will be automatically refunded in full to your bank account, so you may want to check your Premium Bonds balance before investing.
Please note that we do not accept payment via Clearing House Automated Payment System (CHAPS).
When you set up your payment, you may receive a message saying 'This account can't be checked' or something similar. This doesn't mean the details you are using are wrong but please check them carefully.
For more information on topping up by bank transfer see our FAQs
