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
MiaJanuary 16, 2019
I’ve sent off the form for the online services. How long does it take for the money to reach my account?
Finder
JoshuaJanuary 22, 2019Finder
Hi Mia,
Thanks for getting in touch with finder. I hope all is well with you. :)
Typically, it should take around eight days for the money to reach your account. If you haven’t received your money yet after this time period, you might want to directly get in touch with NS&I.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
NinaJanuary 2, 2019
I would like to cash my premium bonds in but have forgotten my password
Finder
BellaJanuary 2, 2019Finder
Hi Nina,
Thanks for your inquiry.
If you do not have or you have forgotten your password to your NS&I account, you will have to fill out the form on the NS&I website. Please contact NS&I by phone instead so they can walk you through the process of getting your login details, including the password.
I hope this helps.
Kind regards,
Bella
ThelmaDecember 8, 2018
my mother cannot remember her Ns & I number etc she is 84 and wants to cash some. How does she now go about cashing them?
Finder
JoshuaDecember 12, 2018Finder
Hi Thelma,
Thanks for getting in touch with finder. I hope all is well with you. :)
If your mother forgot her NS&I number, then what you can do is call them directly. You would be asked to complete an ‘Online and phone service forgotten security details’ form.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
DesDecember 8, 2018
When I cash in my bonds do they have to go to my personal bank account or can they be to another account that I nominate? As I wish them to purchase premium bonds in their name. I am aware that the bonds cannot be transferred.
Finder
JoshuaDecember 12, 2018Finder
Hi Des,
Thanks for getting in touch with finder. I hope all is well with you. :)
Typically, the money would be transferred to the bank account you nominated. As long what it is the bank account in their record, then you can use that.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
paulaOctober 26, 2018
I am about to cash in premium bonds using the printed form which I have to send by post. At the bottom of the form it says ‘send your Bonds if you have them with this completed form’
Is this necessary? It’s a lot of paper to post.
Finder
CharisseOctober 30, 2018Finder
Hi Paula,
Thanks for reaching out to finder.
It is recommended that you post your completed form to NS&I together with the bond certificates to be cashed in if you have them because this will help with the verification process. However, it is still possible to cash in your bonds even if you do not send out the bond certificates.
I hope this helps.
Cheers,
Charisse
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I’ve sent off the form for the online services. How long does it take for the money to reach my account?
Hi Mia,
Thanks for getting in touch with finder. I hope all is well with you. :)
Typically, it should take around eight days for the money to reach your account. If you haven’t received your money yet after this time period, you might want to directly get in touch with NS&I.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I would like to cash my premium bonds in but have forgotten my password
Hi Nina,
Thanks for your inquiry.
If you do not have or you have forgotten your password to your NS&I account, you will have to fill out the form on the NS&I website. Please contact NS&I by phone instead so they can walk you through the process of getting your login details, including the password.
I hope this helps.
Kind regards,
Bella
my mother cannot remember her Ns & I number etc she is 84 and wants to cash some. How does she now go about cashing them?
Hi Thelma,
Thanks for getting in touch with finder. I hope all is well with you. :)
If your mother forgot her NS&I number, then what you can do is call them directly. You would be asked to complete an ‘Online and phone service forgotten security details’ form.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
When I cash in my bonds do they have to go to my personal bank account or can they be to another account that I nominate? As I wish them to purchase premium bonds in their name. I am aware that the bonds cannot be transferred.
Hi Des,
Thanks for getting in touch with finder. I hope all is well with you. :)
Typically, the money would be transferred to the bank account you nominated. As long what it is the bank account in their record, then you can use that.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I am about to cash in premium bonds using the printed form which I have to send by post. At the bottom of the form it says ‘send your Bonds if you have them with this completed form’
Is this necessary? It’s a lot of paper to post.
Hi Paula,
Thanks for reaching out to finder.
It is recommended that you post your completed form to NS&I together with the bond certificates to be cashed in if you have them because this will help with the verification process. However, it is still possible to cash in your bonds even if you do not send out the bond certificates.
I hope this helps.
Cheers,
Charisse