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.
Boost your savings with FREE interest rate alerts
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £800! (T&Cs)
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
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Hide
Boost your savings with FREE alerts on interest rates
FREE interest rate alerts
Sign up to receive the latest deals, expert tips, and a chance to win £800! (T&Cs)
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
Michelle's expertise
Michelle has written 127 Finder guides across topics including:
Our research found that 41% of Brits work from home at least some of the time as of September 2024. We look at who is working from home and how working from home affects productivity.
It’s a straightforward and convenient process, but paying with a credit card may be safer.
78 Responses
JohnAugust 17, 2018
When I send the cash in bonds form, can I send copies of the bonds,or does it have to be originals? It states on the form send bonds if you have them.
Finder
JhezelynAugust 17, 2018Finder
Hi John,
Thank you for your comment.
You are advised to send your original Bond(s) along with the cash in Premium Bonds form. You can also verify this information by contacting NS&I.
Regards,
Jhezelyn
LindaAugust 10, 2018
Can I choose which premium bonds I cash in when applying online?
Finder
JhezelynAugust 10, 2018Finder
Hello Linda,
Thank you for your comment.
Yes, you can cash in a specific set of your Bond numbers, just simply enter the start of the range of numbers in section four of the Premium Bonds Cash In form.
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
JaneAugust 5, 2018
I found some premium savings bonds from fifty years ago, my Mum had them for me, they are in my name, how do i find out about them as it wont be registered on line or for phone, and the address they were at was years out of date
Thanks
Finder
JoshuaAugust 15, 2018Finder
Hi Jane,
Thanks for getting in touch with finder. I hope all is well with you. :)
The best thing you can do is write to NS&I and ask for your bond record. They would be able to show you all the Bonds you hold as well as your holder’s number and your NS&I number.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
AnonymousJuly 10, 2018
Can premium bonds be transferred to a parent?
Finder
JhezelynJuly 10, 2018Finder
Hello,
Thank you for your comment.
Premium Bonds are not transferable at any time. This is according to NS&I.
Regards,
Jhezelyn
AnonymousJuly 10, 2018
What do I do if I have misplaced the paperwork that I had when I purchased the bonds?
Finder
JhezelynJuly 10, 2018Finder
Hello,
Thank you for your comment.
Please note that Premium Bonds are grouped under a single holder’s number. Holder’s numbers have either 10 or 9 digits, or 8 digits followed by a letter. You can find your holder’s number by logging into the online service of NS&I and checking your Premium Bonds account details page or by calling them for a replacement Bond record to be sent out to you.
If you aren’t registered for online and phone service, you can write to them and ask for a replacement Bond record.
Regards,
Jhezelyn
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
When I send the cash in bonds form, can I send copies of the bonds,or does it have to be originals? It states on the form send bonds if you have them.
Hi John,
Thank you for your comment.
You are advised to send your original Bond(s) along with the cash in Premium Bonds form. You can also verify this information by contacting NS&I.
Regards,
Jhezelyn
Can I choose which premium bonds I cash in when applying online?
Hello Linda,
Thank you for your comment.
Yes, you can cash in a specific set of your Bond numbers, just simply enter the start of the range of numbers in section four of the Premium Bonds Cash In form.
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
I found some premium savings bonds from fifty years ago, my Mum had them for me, they are in my name, how do i find out about them as it wont be registered on line or for phone, and the address they were at was years out of date
Thanks
Hi Jane,
Thanks for getting in touch with finder. I hope all is well with you. :)
The best thing you can do is write to NS&I and ask for your bond record. They would be able to show you all the Bonds you hold as well as your holder’s number and your NS&I number.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Can premium bonds be transferred to a parent?
Hello,
Thank you for your comment.
Premium Bonds are not transferable at any time. This is according to NS&I.
Regards,
Jhezelyn
What do I do if I have misplaced the paperwork that I had when I purchased the bonds?
Hello,
Thank you for your comment.
Please note that Premium Bonds are grouped under a single holder’s number. Holder’s numbers have either 10 or 9 digits, or 8 digits followed by a letter. You can find your holder’s number by logging into the online service of NS&I and checking your Premium Bonds account details page or by calling them for a replacement Bond record to be sent out to you.
If you aren’t registered for online and phone service, you can write to them and ask for a replacement Bond record.
Regards,
Jhezelyn