Premium Bonds (2024)

A fun way to save, with the chance to win tax-free prizes each month.

Essentials at a glance

What are the odds of winning?: 21,000 to 1 for every £1 Bond in the monthly prize draw (variable)
What's the annual prize fund rate?: 4.40%, variable
Will you pay tax?: No. All prizes are tax-free.
What's the min. to pay in?: £25
What's the max. to pay in?: £50,000

Great for you if …

You fancy winning tax-free prizes, up to £1 million
You have £25 or more to save
You want to make the most of tax-free saving
You want to buy a savings gift for children under 16

Not for you if …

You want a regular income
You're looking for guaranteed returns
You're concerned about inflation
You want to save jointly with someone else

Premium Bonds FAQs

How it works

Each investment must be at least £25.

Buying online

You can buy Premium Bonds online using our secure online system. Please have your debit card details at the ready.

Buying over the phone

We’re here in the UK every day except bank holidays. Please have your debit card details ready. (Please note: if you’re buying Bonds for someone else’s child, you can't buy them by phone. We don't accept credit card payments.)

Call us

Buying by post

Simply complete an application form and send it to us, with a cheque payable to NS&I.

Print and complete an application form:

Buying for yourself or your child under 16

Buying as a gift for someone else’s child under 16

Bank transfer or standing order

If you or a child you’re buying for already have some Premium Bonds, you can buy via bank transfer (including standing order).

Premium Bonds bank transfer and standing order guide
Premium Bonds can make a special gift for a child under 16. Until the child’s 16th birthday, the parent or guardian named on the application looks after the Bonds, regardless of who bought them. When the child turns 16, they’ll manage their own Bonds.

We’ll send confirmation of any transactions made, prizes won and payment for cashed-in Bonds to the nominated parent or guardian until the child is 16.

Buying for your own child

Parents or legal guardians can apply online, by phone or by post. If your child already has some Premium Bonds and you want to buy more online or by phone, you’ll need to be registered first. This could take a few days while we set up your registration.

The same child can have more than one nominated parent or guardian managing Premium Bonds for them. In this case, each nominated parent or guardian will have a separate holder’s number for the child. The child must not hold more than £50,000 of Premium Bonds in total.

Buying for someone else’s child

You can apply online or by post. You can ask us to send you an electronic or paper gift card for you to pass on to the child. We’ll also send you an acknowledgement of your investment. But only the nominated parent or guardian will be able to manage and cash in the Bonds.

Before you apply for someone else’s child:
- Remember, although you can buy Premium Bonds for someone else’s child as a gift, you won’t be able to look after the investment on their behalf or have the Bonds to be repaid to you
- Please make sure the parent/guardian is happy to look after the investment for the child (until the child is 16), and agrees to you giving us their details
- We'll check the identity and address of everyone named on your application, and we may need to ask for documents to prove this
- Please let the parent/guardian know that we might be in touch to ask for evidence of identity documents
As part of your application you'll need to know:
- Your address and date of birth
- The child’s address and date of birth
- The parent/guardian’s address and date of birth
Premium Bonds don’t earn interest. Instead, there’s an annual prize fund rate that funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time.
The rate is variable so we can change it up or down from time to time. For example, when the Bank of England base rate changes or when rates in the general savings market change.
Yes, if you have an NS&I Direct Saver, you can apply online for Premium Bonds and pay for it from your Direct Saver.

If you want to use another NS&I account, just fill out a quick online form and we’ll get it sorted for you. Be sure to have the details of the account you want to switch from to hand.
Switch to Premium Bonds – for myself
Only use if switching from another NS&I account or Investment
Switch to Premium Bonds – for a child under 16
Only use if switching from another NS&I account or Investment

Prefer the post?

It will take a bit longer, but you can still download and send us a paper form in the post.

Form to switch by post
You can cash in all or part of your Bonds at any time.

Have you registered for our online and phone service? If so, simply log in or call us.

Log in

Call us

You can also cash in Premium Bonds online without having to create an account. Perfect if you want to cash in specific Bonds or you’re not registered.
Cash in my Premium Bonds
You’ll need your holder’s number and bank account details to hand. Please also have your Bond record ready, if you’d like to cash in specific Bonds.
Cash in my child’s Premium Bonds
You’ll need your child’s holder’s number and your bank account details to hand. Please also have your child’s Bond record ready, if you’d like to cash in specific Bonds.

Prefer the post?

Download, print and complete a cashing-in form. Then post your completed form to us together with the bond certificates to be cashed in (if you have them).

Print and complete a cashing in form

Don’t have access to a printer? Call us and we’ll send you a copy of the form.

Call us

Find out how long it takes to receive your payment
Once you've bought your Premium Bonds you can manage them online and by phone.

Log in or call us to check your balance and transactions, including any prizes you’ve won.

Log in

Call us

You can also give us instructions by post. We’ll send you confirmation every time you buy or cash in your Bonds. You can get this by post, too. Or choose to go paperless.

Your holder’s number

We give a holder’s number to everyone who owns Premium Bonds. It links all the individual Premium Bonds you have. Quote it whenever you buy more Bonds, cash them in or have a query.

Just to note, it’s different to your NS&I number, which we give you when you register for our online and phone service.

Your Bonds and the prize draw

We pay out millions of prizes every month to lucky Bond holders, whose numbers are generated by our random-number generator, ERNIE.
Every £1 Bond entered into the prize draw has the same odds of winning, but the more Bonds you buy, the more chances you’ll have to win.
The prize fund interest rate, prize values, odds of winning and the way we allocate the number of prizes of each value are all variable, so they may change from time to time.

Prizes range from £25 to £1 million and are all tax-free.
To find out more about ERNIE and the prize draw, head to our blog:

How we share out Premium Bonds prizes
Prize checker

This is the quickest way to find out whether you’ve been lucky in the prize draw. Our prize checker will show you this month’s prizes, anything you’ve won in the previous six draws, as well as any older prizes that you haven’t claimed yet.

Prize checker

Prize checker app
See Also
I Bonds Beneficiary vs Secondary Owner in TreasuryDirect Great Financial Gifts for Kids for the Holidays Can you gift a stock? How to buy and give shares properly Assignment or Appointment Investment Bonds | Canada Life UK

You can get the same information from the prize checker on our app. Download it for free at the Apple App Store or Google Play for Android.

Amazon Alexa

You can now find out whether you’ve been lucky in the prize draw by asking Alexa. Look out for the Premium Bonds prize checker Alexa skill at Amazon. Once you’ve enabled the skill you can check for prizes, find out when the next results are available and if you have any unclaimed prizes.
Straight to your bank account

Having your prizes paid straight into your bank account (or NS&I Direct Saver) is quick, easy and safe. If you win, we’ll let you know the good news by email or text message. You’ll then normally receive your prize money in your bank account by the 7th working day of the month.

Reinvested into more Bonds

If you have less than the maximum invested then using your winnings to buy more Bonds can be a great way of boosting your chances of winning again. Choose this option and we’ll automatically reinvest the prize money for you. As a bonus, your new Bonds will be eligible to win prizes from the very next draw.

Through the post

You can choose to receive a cheque through the post if you prefer, but it does take longer.

To find out how to change the way you receive prizes, head over to our help article:

Your Premium Bonds prizes
Prizes of £5,000 or more

For £10,000 and £5,000 prizes, we'll pay your prize as per your instructions. Please note, we may send you a claim form, that you must complete and send back to us before we can pay your prize to you. Claim forms (where relevant) are sent on the third working day of the month.

Winning the jackpot

If you’re lucky enough to scoop the £1 million jackpot, our Agent Million will visit you in person to give you the good news! Remember to ask for their ID before you celebrate – they’ll always have it ready to show you.

Can't find what you're looking for?

days to go

Next results available 4 June

Learn more about how it works

Apply for Premium Bonds

Who are you applying for?

Myself Your child under 16 Someone else’s child under 16

Before you apply

Please read the key product information and customer agreement (below).

What you'll need
Your NS&I number (if you have one)

Your address and date of birth

Your UK bank account details registered to your current address

Your debit card from a UK bank or building society
What happens next

Before we can accept your application, we’ll need to check and confirm your identity and address. To do this, we may ask you to upload or send us some documents.

We’ll aim to open your account in 7 to 10 working days. This can take longer if we need to ask you for identity documents.
Documents that prove your identity and address
Key product information

Account name

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

You are only able to hold up to £50,000 in Premium Bonds.

Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. If a number beyond the limit is drawn, and a prize paid in error, we have the right to reclaim it.

Annual prize fund rate

4.40%, variable

No interest earned. Instead, the rate funds a monthly prize draw for tax-free prizes.

See prize draw details

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw, variable

When your Bonds will go into the draw
You’ll need to hold your Bonds for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the January prize draw.

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable

Withdrawal arrangements

Yes, you can take out money online, by phone or by post with no notice or penalty.

Withdrawals can take 3-5 days to reach your bank account.

Payment timeline calculator

Access

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our current customer agreement (terms and conditions) before applying.

Customer agreement

Apply now
Before you apply

Please read the key product information and customer agreement (below).

We’ll ask you during your application if you’re buying for a child. Please select ‘yes’.

What you'll need
Your NS&I number (if you have one)

Your address and date of birth

Your UK bank account details registered to your current address

Your child’s address and date of birth

We’ll also ask you to upload clear photos of proof of your child’s identity and address. Photos need to be in TIFF/JPEG format and smaller than 2MB.
Documents that prove your identity and address
What happens next

Before we can accept your application, we’ll need to check and confirm your identity and address. To do this, we may ask you to upload or send us some documents.

We’ll aim to open your account in 7 to 10 working days. This can take longer if we need to ask you for identity documents.
Documents that prove your identity and address
Key product information

Account name

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

You are only able to hold up to £50,000 in Premium Bonds.

Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. If a number beyond the limit is drawn, and a prize paid in error, we have the right to reclaim it.

Annual prize fund rate

4.40%, variable

No interest earned. Instead, the rate funds a monthly prize draw for tax-free prizes.

See prize draw details

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw, variable

When your Bonds will go into the draw
You’ll need to hold your Bonds for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the January prize draw.

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable
See Also
Assignment Of An Investment Bond - Chase Buchanan

Withdrawal arrangements

Yes, you can take out money online, by phone or by post with no notice or penalty.

Withdrawals can take 3-5 days to reach your bank account.

Payment timeline calculator

Access

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our current customer agreement (terms and conditions) before applying.

Customer agreement

Apply now
Before you apply

Please read the key product information and customer agreement (below).

The child’s parent/guardian will need to look after their Premium Bonds until the child turns 16 and all correspondence will be sent to them. Please make sure they are happy to do this, and agree to you giving us their details.

We’ll ask you during your application if you’re buying for a child. Please select ‘yes’.

What you'll need
Your address and date of birth

The child’s address and date of birth

The parent/guardian’s address and date of birth
What happens next

Before we can accept your application, we’ll need to check and confirm the identity and address of everyone on the application. To do this, we may ask you to upload or send us some documents.

We’ll aim to open your account in 7 to 10 working days. This can take longer if we need to ask you for identity documents.
Documents that prove your identity and address
Key product information

Account name

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

You are only able to hold up to £50,000 in Premium Bonds.

Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. If a number beyond the limit is drawn, and a prize paid in error, we have the right to reclaim it.

Annual prize fund rate

4.40%, variable

No interest earned. Instead, the rate funds a monthly prize draw for tax-free prizes.

See prize draw details

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw, variable

When your Bonds will go into the draw
You’ll need to hold your Bonds for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the January prize draw.

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable

Withdrawal arrangements

Yes, you can take out money online, by phone or by post with no notice or penalty.

Withdrawals can take 3-5 days to reach your bank account.

Payment timeline calculator

Access

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our current customer agreement (terms and conditions) before applying.

Customer agreement

Apply now

Switch to Premium Bonds

Please read the key product information below before switching this account for a child under 16.

Key product information

Account name

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

You are only able to hold up to £50,000 in Premium Bonds.

Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. If a number beyond the limit is drawn, and a prize is paid in error, we have the right to reclaim it.

Annual prize fund rate

4.40%, variable

No interest earned. Instead, the rate funds a monthly prize draw for tax-free prizes.

See prize draw details

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw (variable)

When your Bonds will go into the draw

You’ll need to hold your Bonds for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the January prize draw.

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable

Withdrawal arrangements

Yes, you can take out money online, by phone or by post with no notice or penalty.

Withdrawals can take 3-5 days to reach your bank account.

Payment timeline calculator

Access

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our current customer agreement (terms and conditions) before applying.

Customer agreement

You’ll need the following information to hand:

your child’s NS&I number (if they have one)
the type of account they’re switching from, and the associated account or holder’s number.

Switch now

Switch to Premium Bonds

Please read the key product information below before switching to this account.

Key product information

Account name

NS&I Premium Bonds

Who can buy and how much

Anyone aged 16 or over can buy Bonds.

Buy from £25 up to £50,000 in total.

You are only able to hold up to £50,000 in Premium Bonds.

Any Premium Bond numbers that go over the £50,000 limit are not eligible to win prizes. If a number beyond the limit is drawn, and a prize is paid in error, we have the right to reclaim it.

Annual prize fund rate

4.40%, variable

No interest earned. Instead, the rate funds a monthly prize draw for tax-free prizes.

See prize draw details

What are the odds of winning?

21,000 to 1 for every £1 Bond in the monthly prize draw (variable)

When your Bonds will go into the draw

You’ll need to hold your Bonds for a whole month before they’re eligible for the prize draw. For example, if you buy Premium Bonds any time in November, they’ll be in the January prize draw.

Tax status

All prizes are tax-free

Conditions for bonus payment

Not applicable

Withdrawal arrangements

Yes, you can take out money online, by phone or by post with no notice or penalty.

Withdrawals can take 3-5 days to reach your bank account.

Payment timeline calculator

Access

Apply and cash in online, by phone or by post

Some definitions explained

Tax-free means that prizes are exempt from UK Income Tax and Capital Gains Tax.

Please make sure you’ve read our brochure which includes the customer agreement (terms and conditions last updated on 24 November 2019) before applying.

Customer agreement

You’ll need the following information to hand:

your NS&I number (if you have one)
the type of account you’re switching from, and the associated account or holder’s number.

Switch now

Top up your Premium Bonds

If you already have an account with us, you can top it up whenever you like.

Top up using Pay by bank account

This is a new way to top up your (or your child’s) NS&I savings accounts.

It means you can make deposits through our website without needing to enter your card details or any reference numbers, so it’s quick and easy to use.

We’ll securely transfer you from our website to your bank’s app or online banking website to approve the payment – which means you’ll benefit from your own bank’s security too.

Simply log in to your NS&I online account
Select ‘Buy more Bonds’ for the account you want to top up
Choose ‘Pay by bank account’ and follow the instructions on-screen

A new way to top up your savings

Top up your account

Top up by bank transfer

Reference:: You must enter your (or the child's) Premium Bonds holder's number only (not your NS&I number) as your reference. You can find your holder’s number on your bond record or by logging in online. Make sure you enter the holder's number correctly without any hyphens, spaces or full stops.
Type of account:: Your bank may ask you what type of account you’re paying in to. Please select ‘business’.
Payee name:: NS&I Premium Bonds
Account number:: 11994808
Sort code:: 08 31 15

Top up by debit card

Top up your Premium Bonds using your UK debit card

Top up your account

Be sure to check our FAQs first, then we'll show you the Premium Bonds customer agreement before you apply.

More ways to save

Direct ISA

3.00% tax-free/AER, variable

Save up to £20,000 without paying a penny in tax on the interest.

Invest from £1 to £20,000 in the tax year 2024/25.

Find out more

Direct Saver

4.00% gross/AER, variable

An easy access savings account that pays your interest yearly, to top up your savings.

Invest from £1 to £2 million.

Find out more

Junior ISA

4.00% tax-free/AER, variable

A tax free way to save for children up to the age of 18.

Invest from £1 to £9,000 in the tax year 2024/25.

Find out more

Switch to Premium Bonds

You can switch to Premium Bonds from another NS&I account easily online, without having to log in.

Switch to Premium Bonds – for a child under 16

No thanks, I want to download and print a form to post to you.

Switch to Premium Bonds

You can switch to Premium Bonds from another NS&I account easily online, without having to log in.

Switch to Premium Bonds – for myself

No thanks, I want to download and print a form to post to you.

If you, or someone whose account you look after, need extra support we're here to help

Learn more

FAQs

Are premium bonds a good investment? ›

Whether Premium Bonds are worth it depends on personal preference. If you're looking for an alternative to a standard savings account and like the idea of potentially winning a sum of tax-free cash, Premium Bonds could work for you. What's more, your money is 100% protected, so there's no risk of losing anything.

Are premium bonds still valid? ›

Premium Bonds will always be valid until they are cashed in, so even if you think you may have some from decades ago, it is well worth trying to track them down. Visit nsandi.com/forms and look for the 'Form to track down lost savings'. You can complete this form online or download and print a copy to complete by hand.

Read On ›

What are premium bonds? ›

Premium Bonds don't earn interest. Instead, there's an annual prize fund rate that funds a monthly prize draw for tax-free prizes. Remember that inflation can reduce the true value of your money over time. The rate is variable so we can change it up or down from time to time.

Learn More Now ›

What happens to premium bonds when someone dies? ›

Premium Bonds can be held by NS&I for 12 months after death. During this time, they are still eligible for cash prizes. After 12 months have passed, the executor of the estate or a nominated beneficiary can contact NS&I to claim the prizes and cash out the Bonds.

Read On ›

Is it worth putting $50,000 into premium bonds? ›

When interest rates were lower, the amount of interest you were risking by investing your savings in premium bonds (rather than a top easy access savings account) was smaller than it is now. “If you put £50,000 in now, you could miss out on up to £2,470 in interest,” Bowes says.

Show Me More ›

How often do premium bonds pay $1 million? ›

What are the prizes on Premium Bonds? Every month, two holders will win £1 million. The rest of the prizes are worked out depending on the rest of that month's balance, after the two £1 million prizes.

Discover More Details ›

Can you lose on Premium Bonds? ›

Everyone likes the idea of a big win; with the opportunity to win up to £1 million, the chance alone is enough to attract some people to invest. There's no investment risk: Because Premium Bonds are government-backed there is no chance of losing your money.

Tell Me More ›

What are disadvantages of Premium Bonds? ›

The worst-case scenario is that the bonds purchased are never chosen in a prize and the amount in the account remains the same. Disadvantage: Losing value instead: Though the numerical value of your savings cannot decrease unless you make a withdrawal, the real-term value of it can.

Discover More Details ›

Can you still cash in Premium Bonds? ›

Premium Bonds

You can cash in all or part of your Bonds at any time. If you're registered to manage your savings online or by phone, simply log in or call us. Not registered? You can easily withdraw money from yours or your child's Premium Bonds without needing to create an online profile.

Keep Reading ›

Do I pay tax on premium bonds? ›

Premium bonds are free of capital gains tax, stamp duty and income tax and do not count towards your personal savings allowance.

Discover More ›

Why would anyone buy a premium bond? ›

Premium bonds pay a greater proportion of their cash flows prior to maturity because interest payments are higher. Consequently, their prices tend to be more stable than those of discounted or par bonds. Should interest rates rise, the price of premium bonds would not decrease as much as those of discount or par bonds.

Get More Info ›

What are the odds of winning $1000 on premium bonds? ›

What are Premium Bonds?

Prize amount	Number per month	Odds of winning AT LEAST this amount per £25 of bonds in one month (1)
£1,000	18,137	1 in 231,744
£500	54,411	1 in 65,295
£100	2,174,172	1 in 2,199
£50	2,174,172	1 in 1,118

8 more rows

May 1, 2024

Do old premium bonds ever win? ›

Thousands of Premium Bond holders who opened their accounts more than two decades ago have not yet won a prize, Telegraph analysis has found. More than 460,000 savers invested in government-backed accounts 20 years ago. Of the accounts still open, 44,900 have yet to win even £25, according to NS&I figures.

Tell Me More ›

Do premium bonds expire? ›

That holder's number is basically your ID for the NS&I. Hop in the checker tool and enter the 10-, 9-, or 8-digit holder number to pull up the value of the bond. This will also tell you if you've got any unclaimed prizes! Premium bond winnings never expire, so even you won back in the 1950s, the money is still good.

Learn More Now ›

Do banks freeze accounts when someone dies? ›

A deceased account is a bank account, such as a savings or checking account, that's owned by a deceased person. A bank will freeze the account when it receives notice that a customer has died while waiting for direction from the authorized court regarding payment to heirs and creditors.

Read The Full Story ›

What are disadvantages of premium bonds? ›

Show Me More ›

What is a better investment than premium bonds? ›

Direct Saver. A basic instant access savings account, the Direct Saver allows you to save up to £2m – far more than the £50,000 Premium Bonds limit – and you're guaranteed to earn interest. The rate, currently 3.65pc AER, is variable so could decrease or increase at any time. Interest is paid annually.

Explore More ›

Do you pay tax on premium bond winnings? ›

Our Premium Bonds give you the chance to win cash prizes from £25 up to £1 million in our monthly prize draw. If you're a lucky winner, you won't have to pay a penny in tax on your prize. If you already hold some of our Savings Certificates, you won't have to pay tax on any returns you earn.

Explore More ›