Premium Bonds

Essentials at a glance

What are the odds of winning?

34,500 to 1 (for every £1 Bond)

What's the interest rate?

1.00% (annual prize fund rate)

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

• How do I buy Premium Bonds?

  Each investment must be at least £25.

  Buying online

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

  Buying over the phone

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

  Buying by post

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

  Print and complete an application form:

  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 buy via bank transfer (including standing order).

  Premium Bonds bank transfer and standing order guide

• How do I buy Premium Bonds for people under 16?

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

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

  Buying for your own child

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

  Buying for someone else’s child

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

  Before you apply for someone else’s child:

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

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

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

• How does the interest work?

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

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

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

  Switch to Premium Bonds – for myself

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

  Switch to Premium Bonds – for a child under 16

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

  Prefer the post?

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

  Forms for our accounts

Your Bonds and the prize draw

• How do I look after my Bonds?

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

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

  Log in

  Call us

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

  Your holder’s number

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

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

• How can I get my prizes?

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

  You can choose to either:

  Have your prizes paid directly to your bank account

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

  Log in / register

  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.

  Log in / register

  Before you set up an automatic reinvestment:

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

• How do I cash in my Premium Bonds?

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

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

  Log in

  Call us

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

  Cash in my Premium Bonds

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

  Cash in my child’s Premium Bonds

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

  Prefer the post?

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

  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.

  Call us

  Find out how long it takes to receive your payment

• How does the prize draw work?

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

  More about how Premium Bonds work

• Can my prizes be used to buy more Bonds?

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

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

  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.

  Log in / register

  Before you set up an automatic reinvestment:

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

  Not registered to manage your Bonds online?

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

  Update my prize options

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

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