NS&I has clarified the process for collecting Premium Bonds prizes after a query from a customer.
A saver got in touch with the savings giant over X to ask: “My father has been sent a £25 Premium Bonds prize. Sadly he passed away in May and his bank account is now closed. How do I proceed with this?”
The provider offered their condolences and pointed the person to an imporant form they would need to fill in.
The group explained: “For our bereavement team to deal with the holding, please complete this online form.”
They provided a link to this webpage with a ‘bereavement claim’ form. You have to provide details of the person who has died as well as the executor of the Will, if this is relevant.
The form also asks for details about the deceased person’s holdings with NS&I.
The provider said in response to the query: “Don’t worry if you don’t have many/any details of the account, just give us as much information as you can and we’ll write back to you.
“Once the claim has been submitted and completed, we will pay out any outstanding prizes and the holding.”
Another person recently contacted NS&I with a question about Premium Bonds.
They asked: “Am I able to buy Bonds for my adult child with out them knowing?”
The provider replied to inform them that this would not be possible. A representative said: “Due to money laundering regulations we’re required to follow, we don’t allow for Bonds to be bought as a gift for another adult.”
A person can hold up to £50,000 in Premium Bonds. The more Bonds a person has, the better their chances of winning a prize in the monthly draw.
People often use their winnings to purchase more Bonds. You have to purchase at least £25 worth of Bonds when buying more.
Prizes in the monthly draw range from as low as £25 up to the £1million jackpot prizes. There are two jackpot prizes in each draw.
You can check if you have any prizes to collect using the prize checker tool on the NS&I website, as well as via the app.
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