NS&I has clarified the rules for how to cash in Premium Bonds after a customer got in touch.
The saver contacted the provider over X as they had found some paper Premium Bond certificates, asking how they could check if they were valid.
NS&I responded to first ask if the Bonds were in their name or in someone else’s.
The saver said they had two certificates both worth £5 and that they were issued in 1985, but they did not have a name on them.
Replying again, NS&I explained that if they wanted to merge their savings, they would need to write a signed letter requesting to do this, addressed to NS&I, Sunderland SR43 2SB.
NS&I explained: “Please include your name, date of birth, address, your current NS&I number you log in with, and details of the missing Bonds.
“If the name and/or address is different on the old Bonds, please include your previous details as well.”
They referred the customer to a webpage with more information about what to include when writing in to NS&I.
The saver went on to explain they may not be able to do this. They said: “I am up to the £50,000 limit so I can’t merge. Can I cash the Bonds in at a Post Office?”
NS&I said in response: “You’ll need to write to us to explain that you currently hold more than the maximum limit, as we’ll need to complete checks related to prize eligibility.
“The Bonds can then be repaid to you, but they can’t be cashed at the Post Office.”
One advantage of Premium Bonds is they can be cashed in at any time and you can also easily buy more online, over the phone or by writing a letter to NS&I.
The minimum investment when buying more Bonds is £25. Each £1 Bond that goes into the monthly draw has an equal chance of winning a prize.
Many savers arrange their account so if they win a prize, the amount is automatically used to buy more Bonds, boosting their chances of winning again.
