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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78 Responses
KeithOctober 24, 2018
Can you send me cashing in form?
Finder
JeniOctober 24, 2018Finder
Hi Keith,
Thank you for getting in touch with finder.
You may get or download the cash in form from this PAGE.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
angelaOctober 19, 2018
My mum passed away 8 years ago and had premium bonds in her name. Can they be changed to my dads name? Thanks
Finder
BellaOctober 21, 2018Finder
Hi Angela,
Thanks for your inquiry.
Unfortunately, Premium Bonds are non-transferrable as per NS&I.
I hope this information helped.
Kind regards,
Bella
DerekOctober 19, 2018
My wife and I are LPA’s for her Uncle and we have to withdraw some of his bonds to help pay for care home fees.
The problem we have is that he doesn’t know his password, his memory is not good but he is not suffering from a memory loss type of illness.
How do we get his bonds or some of his bonds paid into his account? Also is it possible to pay some of the bonds into his account and some into his wife’s account?
We are LPA’S for his wife as well.
Finder
JeniOctober 24, 2018Finder
Hi Derek,
Thank you for getting in touch with finder.
Sorry to hear about your uncle’s condition. This is a tough situation. My best recommendation is to contact the National Investments and Savings directly on this matter. In the event that your uncle has forgotten his premium bond’s number and he’s not registered for the online and phone service, you can write to them regarding this and ask for a replacement Bond record on this page.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
ScruffyMeOctober 19, 2018
When cashing in premium bonds, can monies go direct to a solicitor firm’s account? Saves hassle going to my own bank account and then transferring on.
Many thanks!
Finder
CharisseOctober 20, 2018Finder
Hi ScruffyMe,
Thanks for reaching out to finder.
When you cash in your premium bonds, NS&I can only make payments to UK banks or building societies. If you need further information on this, you can contact NS&I directly at 08085 007 007.
I hope this helps.
Cheers,
Charisse
JoannaOctober 17, 2018
How do I reset the password as I need to cash in some of my premium bonds?
Finder
JhezelynOctober 18, 2018Finder
Hello Joanna,
Thank you for your comment.
You can reset the password by doing it online or by calling NS&I.
To change your details online simply:
Log in / register
Go to ‘Your profile’ from the top menu
Click ‘Your details’
Select ‘Change’ for your password or security details
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
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Can you send me cashing in form?
Hi Keith,
Thank you for getting in touch with finder.
You may get or download the cash in form from this PAGE.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
My mum passed away 8 years ago and had premium bonds in her name. Can they be changed to my dads name? Thanks
Hi Angela,
Thanks for your inquiry.
Unfortunately, Premium Bonds are non-transferrable as per NS&I.
I hope this information helped.
Kind regards,
Bella
My wife and I are LPA’s for her Uncle and we have to withdraw some of his bonds to help pay for care home fees.
The problem we have is that he doesn’t know his password, his memory is not good but he is not suffering from a memory loss type of illness.
How do we get his bonds or some of his bonds paid into his account? Also is it possible to pay some of the bonds into his account and some into his wife’s account?
We are LPA’S for his wife as well.
Hi Derek,
Thank you for getting in touch with finder.
Sorry to hear about your uncle’s condition. This is a tough situation. My best recommendation is to contact the National Investments and Savings directly on this matter. In the event that your uncle has forgotten his premium bond’s number and he’s not registered for the online and phone service, you can write to them regarding this and ask for a replacement Bond record on this page.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
When cashing in premium bonds, can monies go direct to a solicitor firm’s account? Saves hassle going to my own bank account and then transferring on.
Many thanks!
Hi ScruffyMe,
Thanks for reaching out to finder.
When you cash in your premium bonds, NS&I can only make payments to UK banks or building societies. If you need further information on this, you can contact NS&I directly at 08085 007 007.
I hope this helps.
Cheers,
Charisse
How do I reset the password as I need to cash in some of my premium bonds?
Hello Joanna,
Thank you for your comment.
You can reset the password by doing it online or by calling NS&I.
To change your details online simply:
Log in / register
Go to ‘Your profile’ from the top menu
Click ‘Your details’
Select ‘Change’ for your password or security details
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn