You are here: Home - Saving & Banking - Understanding -

Do your Premium Bonds die with you?

0
Written by:
04/09/2018
There are 1.5 million unclaimed Premium Bond prizes worth nearly £60m waiting to be collected - and numerous reasons why this cash lies untouched.

For example, someone may have lost their paperwork, or they were given the bonds as a child and don’t even know about them. But there’s also the possibility that some of these winners have passed away.

So, what happens to Premium Bonds when the bondholder dies?

If the death has been registered with NS&I, the Premium Bond is kept in the prize draw for a further 12 months from the date of death and the executors of the estate are eligible to win. After 12 months, the bond is withdrawn from the prize fund and has to be cashed in. The bonds are non-transferable.

If the death isn’t registered with NS&I, the bond stays in the prize draw but the estate is only eligible to claim prizes won in the 12 months after the date of the holder’s death. So, if you have a winning Premium Bond for this month but the holder passed away over a year ago, you won’t be eligible to claim the prize. In this case, the next bond holder down gets bumped up and can claim the prize. ERNIE – which generates numbers at random – draws more winners than prizes.

Family members or executors of estates can use the NS&I tracing service to see if a deceased person had any Premium Bonds.

NS&I confirmed it is not part of the new online Death Notification Service, which allows bereaved to notify a number of financial service providers about a loved one passing away by filling in one form, so they’ll have to inform NS&I directly.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Privacy Preference Center

Necessary

Advertising

Analytics

Other