Sell Premium Bonds: best and easiest ways to cash them in and withdraw your money
Want to cash in and withdraw your Premium Bonds? Here are the best and easiest ways to sell up and get your money back from NS&I.
Sections
How to cash in NS&I Premium Bonds online
The easiest way to sell or cash in your NS&I Premium Bonds is by logging into your account online as this is available 24 hours a day.
If you applied for the bonds online then you’re already registered so all you'll need is to have your details to hand.
These will include your NS&I number and the password that you'll have set up.
Once logged into your account, you should see an option to 'cash in' your Premium Bonds on the right-hand side of the screen. We've circled it on the screengrab below.
From there, you'll be asked to choose whether you want to cash in your oldest bonds first or not, then choose whether you’d like to defer your payment until the next prize draw.
That option would obviously mean you'd have to wait until early next month to get your money back. If you opt to get it now, NS&I says the money will arrive in your nominated bank account within three working days, but it usually happens a little sooner.
Again, if you've already purchased your bonds online, your bank details should already be in the system, so you won't need to do anything else.
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How to cash in NS&I Premium Bonds by phone
If you don't like the online option, you can easily cash in your NS&I Premium Bonds through the NS&I phone service.
If you applied for the bonds by phone, then you’re already registered. Simply call 08085 007 007.
Make sure you have your NS&I number and password to hand. This should only take a few minutes.
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Filling out the Premium Bonds Cash In form
If you didn’t apply for your Premium Bonds online or by phone, you can withdraw your money by filling out the Premium Bonds Cash In form.
Simply select how many bonds you want to cash in by ticking the relevant box in section three of the form.
If you want to cash in a specific set of your Bond numbers, simply enter the first Premium Bond number from each range.
If you tick ‘No’ in section four or leave it blank, NS&I will cash in your oldest bonds first.
How will I be paid for my Premium Bonds?
Section six of the form is where you decide how you want your Premium Bonds to be paid out.
You can choose from a direct credit into your current account or by warrant, which is like a cheque, through the post.
NS&I says it normally takes up to eight working days from the point of receiving your application to process your request (unless you opted to defer the payment until after the next prize draw).
If you don’t have your funds by then, get in touch with NS&I – ideally by calling 08085 007 007 as tweeting and emailing can involve security risks. Find out more about contacting NS&I here.
Not sure where to put your savings once you've cashed in your bonds? Take a look at our comprehensive roundup of where to get the best rate on your money.
Best time to sell your Premium Bonds
If you don't have to sell your bonds immediately, it's worth thinking about the right time to ditch some or all of your holdings.
It may be worth waiting until the start of a new calendar month to do so rather than, say, the last week of the month.
This way you can ensure your holdings will have one final chance to win big in the monthly draw before you withdraw them.
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Comments
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if I want to cash in my 5 x 5Pound Premium Bonds that I purchased in 1980, 1982 and 1984 (by the way not one win in all those years) I haven't lost sleep over that! I paid cash at the PO for them, what's the procedure to cashing them in, as I live abroad.
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One point I can't see mentioned is the timing of sales and purchases, especially for large amounts. If BUYING bonds, it is best to do as close to the end of a month as possible to get the maximum return from wherever the funds might be currently invested, while the new bonds will still qualify for the draw after the following month has elapsed. If SELLING, this should be done as soon as possible after the end of the previous month to give the maximum time available to re-invest the released funds (if that is the intention) while still getting the benefit of the draw for the bonds held during the previous month.
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Hi daviesruthd, We contacted NS&I with your question and they replied with the following advice: The person responsible for claiming and distributing the customer’s assets, will need to fill in the following form to notify us of the customer’s death. https://www.nsandi.com/system/files/asset/pdf/death-claims-form.pdf Also, in the following link is our death claims brochure which provides a step by step guide as to how handle the deceased’s accounts with NS&I: https://www.nsandi.com/system/files/asset/pdf/death-claims-brochure.pdf Below provides some guidance around the claims process with some additional information regarding the process for Premium Bonds. In summary, the reader correctly identifies that the Bonds cannot be transferred, but they will have remained in the draw and eligible to win prizes, 12 months after the date of death. After this time, the value of the Bonds will be paid out to the person entitled to the money. -- Premium Bonds in particular -- If the NS&I savings the customer is claiming include Premium Bonds, they can continue the holding in the deceased’s name. Bonds will remain in each prize draw for up to 12 months after the date of the customer’s death. To keep the Bonds invested, they will need to send the Bonds to us along with a completed claim form – which can be found here: http://www.nsandi.com/files/published_files/asset/pdf/death-claims-form.pdf. Bonds cannot be transferred into another person’s name but will be kept on record for 12 months and prizes will be sent to the person who is entitled to the money. If the Bonds cannot be found at the time of the claim but are found at a later date, the customer will need to destroy them. At the end of 12 months, the value of the Bonds will be paid out to the person who is entitled to the money. The customer can apply for repayment at any time during this 12-month period. If the customer chooses to have the value of the Bonds repaid immediately, the Bonds will be eligible for prize draws only for the calendar month in which the repayment takes place.
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26 October 2024