Premium Bonds are a great option for a different way of saving – winning prizes rather than gaining interest. At least that’s what we’ve been taught to believe, right? In a pre- tax-free savings and pre-FSCS world, with low savings interest rates, they might have made a lot more sense. But now it’s harder to see their merits.
But the good news is that just like with regular savings, you can take your money out of Premium Bonds at any time. Here’s how you do it.
Cash in Premium Bonds online or by phone
The easiest way to cash in Premium Bonds is to call or use the online form. For both of these options you’ll already need to be registered with the NS&I online and phone service, and have your NS&I holder’s number and password to hand. Then, either call 08085 007 007 or go to the NS&I site and login to your online account. Once the process is completed, the value of the Premium Bonds you’ve cashed in will be transferred into the bank account that you nominated when you registered.
Cash in Premium Bonds by post
If you’re not registered for the NS&I online and phone service (so don’t have login details and a password) or if you want to cash in specific premium bond numbers, then you’ll have to print out and fill in the “cash in Premium Bonds” form on the NS&I website. You then post it to NS&I, Sunderland, SR43 2SB.
When filling in the form you’ll need your NS&I number. You’ll have to select the amount of Premium Bonds you would like to cash in (all of them or some of them – and in that case, how much). If you’re only cashing in some of your Premium Bonds, then you’ll need to enter the specific serial numbers of those bonds. If you don’t mind which ones you cash in, you can tick “no” to that question and NS&I will cash in your oldest Premium Bonds first.
Choose how to receive the cash from your Premium Bonds (if applying by post)
Section 6 of the above form gives you two options of how to cash in your Premium Bonds:
To a nominated bank account. Here, you’ll need to fill in the details of the current account that you would like to have the value of the bonds paid directly into.
By warrant. This option means that you will be sent the funds by cheque in the post. (NS&I had previously indicated that it would be phasing out cheque payments by March 2021, but it since has reversed this decision, so you can still opt to receive your payment by cheque.)
NS&I usually takes around 8 days to process a “cash in” form, so it will take at least 8 days plus postage delivery time before a cheque reaches you. If you have sent in the form but haven’t received anything from NS&I in the post after that time, contact them by calling 08085 007 007. You can also use the live web chat service: Monday to Friday from 7am to 10pm, and weekends from 8am to 8pm. Or tweet NS&I at @nsandihelp.
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What to do after you’ve cashed in your Premium Bonds
That is totally up to you. But there are many reasons why people choose to cash in their Premium Bonds, such as releasing the money to make a big purchase or to invest in something else. Perhaps you’re aiming to get on the property ladder or you just fancy going on a great holiday!
We go through some of the most popular options below and highlight the Finder guides that might help, whatever it is you decide to do with the money you’ve cashed out of your Premium Bonds.
Get a mortgage. Decided to take money out of your Premium Bonds to help with a house deposit? Check out our mortgages guide.
Open a fixed rate savings account. Not had much luck winning anything in the Premium Bonds prize draw? You might decide to move your savings into a fixed rate bond instead, where you can get a guaranteed interest rate. You can also discover other types of savings accounts here.
Invest in the stock market. If you like watching the stock markets, you may be hoping to generate some returns on your money by buying company shares or investing in a stocks and shares ISA. Read our investment section to find out more. Remember your capital is at risk if you invest.
Add to your pension. If you’re thinking about saving more for your retirement you may opt to top up your pension fund. It’s a complicated area, so visit our pensions section to discover more.
Spend it. Got your eye on a dream holiday? If your cashed out Premium Bonds are earmarked for that trip of a lifetime, read our travel money guide to make sure you’re getting the best deal on your spending while you’re abroad.
The maximum amount you can have in Premium Bonds has been £50,000 since it increased from £40,000 in 2015.
No, the executor of the estate of the deceased may cash in their Premium Bonds or ask for them to remain in the holdings.
If you have applied using the postal form, it takes around 8 days (plus the amount of time it takes for the cheque to be sent to you in the post, if that’s the payment option you’ve chosen).
Premium Bonds don’t expire, so as long as you haven’t cashed them in, they will still be valid.
The minimum amount you can invest in Premium Bonds for the first time is £25. Once you are an existing customer, each investment must also be at least £25.
Who is most likely to be researching how to cash in premium bonds?
Finder data suggests that men aged 65+ are most likely to be researching this topic.
Response
Male (%)
Female (%)
65+
18.82%
14.93%
55-64
10.63%
9.61%
45-54
8.99%
7.79%
35-44
5.73%
5.78%
25-34
5.41%
4.79%
18-24
3.84%
3.70%
Source: Finder sample of 8,169 visitors using demographics data from Google Analytics
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio
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Michelle has written 127 Finder guides across topics including:
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78 Responses
margaretApril 24, 2019
can you gift premium bonds to someone else
Finder
BellaApril 24, 2019Finder
Hi Margaret,
Thanks for your inquiry.
Unfortunately, Premium Bonds are non-transferrable as per NS&I.
I hope this helps.
Kind regards,
Bella
RichardApril 10, 2019
My daughter has approx £950 of Premium Bonds and wants to cash them in. We have moved house since they were bought and my daughter is now aged 24. She has not registered on the NS&I site. How do we progress?
Finder
BellaApril 11, 2019Finder
Hi Richard,
Thanks for your inquiry.
If your daughter doesn’t have a login and password because she didn’t order her premium bonds online or by phone, then she will have to fill out the form on the NS&I website. For this option, she’ll need to select the amount she’d like to cash in, and the specific serial numbers of the bonds she would like to cash in. If you need further information on this, you can contact NS&I directly at 08085 007 007.
I hope this helps.
Kind regards,
Bella
PeterFebruary 21, 2019
I have three Premium Savings Bonds given to me by my father before he passed away when I lived in England..
SFN 635311 5 Pounds 5FN635315 Aug. 1973
6BK 711073 2 Pounds 6BK 711074 Jul. 1974
8LP 448701 25 Pounds 8LP 448725 Dec. 1976
Would you kindly tell me how I can cash them in
I now live in Toronto as a Canadian Citizen
Finder
johnbasanesFebruary 22, 2019Finder
Hi Peter,
Thank you for reaching out to finder.
The page we are on provides you with the steps on how you could cash the premium bonds. Please complete the steps provided on our page or visit the NS&I website for further assistance. Hope this helps!
Cheers,
Reggie
AnonymousFebruary 10, 2019
A friend wishes to cash in his premium bonds. He has no computer. Where can he get a form from? He cannot phone because he has no password.
Finder
JhezelynFebruary 11, 2019Finder
Hello,
Thank you for your comment.
According to NS&I, you have 2 ways to cash in bonds, either you go online or call them directly. But since you have no password, you can download the form online. You can let your friend who has access to a computer and a printer, print it for you. The password is not needed on the form. You will need to complete and return the form to NS&I at: NS&I Glasgow, G58 1SB.
Regards,
Jhezelyn
RenaJanuary 31, 2019
I Need Your out-Form send my Money back.
Thanks – lG
Finder
johnbasanesFebruary 1, 2019Finder
Hi Rena,
Thank you for reaching out to finder.
You might have mistaken us with another company. We are finder, a comparison website that assists users on financial queries and topics on our pages. If you are trying to reach NS&I, you may check the page under “1. Cash them in online or by phone.” you would be able to locate NS&I contact details for your reference. Hope this helps!
Cheers,
Reggie
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can you gift premium bonds to someone else
Hi Margaret,
Thanks for your inquiry.
Unfortunately, Premium Bonds are non-transferrable as per NS&I.
I hope this helps.
Kind regards,
Bella
My daughter has approx £950 of Premium Bonds and wants to cash them in. We have moved house since they were bought and my daughter is now aged 24. She has not registered on the NS&I site. How do we progress?
Hi Richard,
Thanks for your inquiry.
If your daughter doesn’t have a login and password because she didn’t order her premium bonds online or by phone, then she will have to fill out the form on the NS&I website. For this option, she’ll need to select the amount she’d like to cash in, and the specific serial numbers of the bonds she would like to cash in. If you need further information on this, you can contact NS&I directly at 08085 007 007.
I hope this helps.
Kind regards,
Bella
I have three Premium Savings Bonds given to me by my father before he passed away when I lived in England..
SFN 635311 5 Pounds 5FN635315 Aug. 1973
6BK 711073 2 Pounds 6BK 711074 Jul. 1974
8LP 448701 25 Pounds 8LP 448725 Dec. 1976
Would you kindly tell me how I can cash them in
I now live in Toronto as a Canadian Citizen
Hi Peter,
Thank you for reaching out to finder.
The page we are on provides you with the steps on how you could cash the premium bonds. Please complete the steps provided on our page or visit the NS&I website for further assistance. Hope this helps!
Cheers,
Reggie
A friend wishes to cash in his premium bonds. He has no computer. Where can he get a form from? He cannot phone because he has no password.
Hello,
Thank you for your comment.
According to NS&I, you have 2 ways to cash in bonds, either you go online or call them directly. But since you have no password, you can download the form online. You can let your friend who has access to a computer and a printer, print it for you. The password is not needed on the form. You will need to complete and return the form to NS&I at: NS&I Glasgow, G58 1SB.
Regards,
Jhezelyn
I Need Your out-Form send my Money back.
Thanks – lG
Hi Rena,
Thank you for reaching out to finder.
You might have mistaken us with another company. We are finder, a comparison website that assists users on financial queries and topics on our pages. If you are trying to reach NS&I, you may check the page under “1. Cash them in online or by phone.” you would be able to locate NS&I contact details for your reference. Hope this helps!
Cheers,
Reggie