How to Cash in your UK Premium Bonds

A premium bond is a lottery bond issued by the National Savings and Investment Scheme (NSI), run by the United Kingdom’s government. Bonds are currently sold in multiples of 10 with a value of £1.00 per bond. The minimum purchase is 100 bonds. The government pays interest on the bond, but instead of it being paid into individual accounts, it is paid into a prize fund from which a monthly lottery distributes tax-free prizes – or premiums, hence the name – to individuals holding the winning bond numbers. Over 23 million people own Premium Bonds in the UK.

If you decide that you no longer wish to own Premium Bonds you can sell them back to the government for their original. So, how do you go about cashing in your premium bonds?

In order to cash in your bonds, you need to complete a form which is available at Or, if you prefer, you can obtain a form from any branch of the Post Office. Complete the form and return it, together with the bond certificates to be cashed in if you have them. If they have been lost then you must indicate this by ticking the relevant box on the form. The form should be returned to National Savings and Investments, Glasgow, G58 1SB.

Money will normally be paid directly into your bank or building society but you can request a warrant, which is similar to a cheque, if you prefer. Payment will be issued within eight working days of receiving your form. You can, however, ask for payment to be delayed until after the next draw. If you wish NSI to do this then you need to tick the relevant box on the form. If you want your payment issued in the form of a warrant then you must ensure that NSI have your current address as prizes are issued to the address that is held on file for you.

If Bonds were bought for you when you were under 16 and you have now turned 16 and have responsibility for the bonds then you will be required to show evidence of identity when you cash them in. If you are under 16 years old then your parent or guardian will have control of any Bonds in your name. They should sign the form on your behalf and state their relationship to you.

In order to repay any deceased holder’s bonds a specific form must be completed. Again, this is available from or the Post Office.