Premium Bonds: What happens to Bonds when a person dies and how to claim

Martin Lewis on tracing dead relative’s Premium Bonds

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Premium Bonds are a popular savings option from National Savings and Investments (NS&I). They offer Britons the chance to win prizes each month which range from £25 to a staggering £1million. Many will be holding Bonds in the hopes of securing a prize, however, it will be important to understand what could happen to this holding after someone dies.

The death of a loved one can be a challenging time for all concerned, and finances can be low down on the list of priorities.

Thankfully, though, NS&I is at hand to help the process to be as smooth as possible.

NS&I understands there may be a need to claim after someone has passed away, and so has offered guidance on the matter.

Britons will be able to claim the savings of someone who has died online, without needing to create an online account.

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premium bonds NS&I

Premium Bonds: What happens to Bonds when a person dies and how to claim (Image: Getty•NS&I)

All individuals will need are the details of the Premium Bonds to hand in order to action their claim.

However, they should be aware this claim can only by made by someone who is legally entitled to claim the savings of the person who has passed away.

This will usually be the executor of the individual’s Last Will and Testament.

Sometimes NS&I will need a Grant or Representation, which is also known as a Grant of Probate or Grant of Letters of Administration, to action a claim.


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The savings company, though, will inform Britons should this be the case once a completed form is received.

This is more likely if the customer’s total NS&I savings are £5,000, but the organisation reserves the right to make this request for “savings of any value”.

Particular details should be kept to hand for those who are actioning the claim, as it relates to the customer.

These include:

  • The customer’s personal details – full name, address, date of birth, date and place of death
  • Spouse name – if applicable
  • Full name of the executor, or administrators
  • Type of NS&I accounts the customer held
  • Details fo the person who is making the claim
  • Bank account details to pay the money in to

premium bonds winners

Premium Bonds: Many people hope they will win (Image: Getty)

Some may also be wondering about what happens if Premium Bonds win prizes after someone has passed away.

NS&I is aware of such circumstances, and thus has a policy on what happens next.

Its website explained: “Once we’ve been told of the customer’s death, any prizes won will be paid by warrant – like a cheque – to the person entitled to the money after we’ve completed the claim.

“We’ll hold on to any prizes the customer wins before then and send them once the claim is completed. 

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“Then we’ll send any future prizes won by warrant after each prize draw to the person entitled to the money.”

It is worth noting, however, these prizes will not be able to be paid electronically.

In addition, they cannot be consolidated and paid at the end of the 12 months. 

If the customer who has died has won a prize through Premium Bonds and has also been sent a prize warrant, then individuals will need to take action. 

Firstly, they should send back the prize warrant to NS&I, where it will be reissued to the person entitled to the money, once a claim is completed.

Any future prizes won by warrant after each prize draw will then be sent to the person entitled to the money. 

Roy Walsh

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