Premium Bonds cannot simply be transferred into a beneficiary’s name. They form part of the estate and must be handled through NS&I’s official bereavement process; current options and evidence requirements must be checked with NS&I.
NS&I says Premium Bonds must be repaid before moving into another person’s name. It also says they can remain eligible for prize draws in the existing holder’s name for up to 12 months after the date of death.
This page provides general information and links to NS&I’s current guidance. It is not legal, tax, probate or financial advice. We cannot decide who is entitled to act for an estate, whether a Grant of Representation is required, or who is entitled to money or prizes. Check the current NS&I instructions and seek qualified professional advice if you are unsure.
What happens when a holder dies?
Start with NS&I’s official bereavement process. This website cannot submit or track a claim, access the person’s account, or tell NS&I who should receive the money.
NS&I will use its process to identify the customer’s savings, explain what it needs next and handle repayment. Although NS&I provides an ordinary Premium Bonds cash-in process, do not use it as the main route for a deceased holder; start with the bereavement process.
Prize-draw eligibility after death
NS&I says Premium Bonds can remain eligible for prize draws for up to 12 months after the date of death, in the existing NS&I holder’s name.
“Up to 12 months” does not mean the Bonds transfer to a beneficiary, that they must remain in every draw, or that a prize is guaranteed. The estate should follow NS&I’s current instructions and options.
Who handles the estate claim?
The person dealing with the estate should begin with NS&I’s bereavement guidance. This website cannot decide whether someone is an executor, administrator or beneficiary, or whether they otherwise have authority to act.
Do not send names, account details, identity documents, probate papers or estate information to this website.
Probate and evidence NS&I may request
NS&I decides what evidence it needs after receiving the claim. Its current guidance says it may request a Grant of Representation when the customer’s total NS&I savings are £5,000 or more, and it reserves the right to request one for savings of any value.
The £5,000 figure is not a promise that a Grant will be unnecessary below that amount, and it is not a statement of the legal rules for a particular estate. Check NS&I’s current instructions and obtain qualified advice if needed.
What happens to prizes and repayment
NS&I says prizes are held until the claim is completed. Its current guidance says the withheld prizes are then paid by warrant to the person entitled to the money; later prizes are also paid by warrant after each draw.
NS&I says these prizes cannot be paid electronically or combined into one payment at the end of the 12-month period.
This website cannot decide who is entitled to payment or whether a payment has been made.
Old records and unclaimed prizes
If the estate has incomplete Premium Bonds records, use NS&I’s bereavement process first and follow any tracing instructions it provides. An old certificate does not prove ownership, validity or prize entitlement on this website.
For general background, use the old-Bonds and unclaimed-prizes guides without submitting personal or estate details here.
Use the official NS&I bereavement process
NS&I’s bereavement route is the correct starting point for a deceased holder. Requirements and service status can change, so use the current official guidance rather than relying on an old checklist.
For the latest qualitative service-status direction, see the Current service status section on the bereavement guide. This page does not state a processing-time guarantee.
Frequently asked questions
Can Premium Bonds be transferred to a beneficiary?
Not simply by changing the name. NS&I says Premium Bonds must be repaid before moving into another person’s name, so the holding must be handled through its bereavement process.
Can Premium Bonds stay in the prize draw after death?
NS&I says they can remain eligible in the existing holder’s name for up to 12 months after the date of death. This is not a transfer of ownership or a guarantee of a prize.
Does the estate always need probate or a Grant of Representation?
This website cannot decide that. NS&I says it may request a Grant when total NS&I savings are £5,000 or more and can request one for savings of any value.
What happens to prizes won after death?
NS&I says prizes are held until the claim is completed and are then paid by warrant to the person entitled to the money. Later prizes are paid after each draw rather than electronically or as one combined payment at the end.
Should I use the ordinary cash-in form?
Use NS&I’s bereavement process as the starting point for a deceased holder. NS&I will explain the repayment route and any evidence it needs.
Can this website tell me who inherits the money?
No. This website cannot determine estate authority, beneficiary status, entitlement, probate requirements or tax treatment.
How long will the claim take?
Response times can change. Check NS&I’s current bereavement guidance and claims update. This website does not give a guaranteed timescale for an individual claim.
Follow the right route for the estate
This website does not submit claims, accept estate documents or determine entitlement.