Can you inherit Premium Bonds? NS&I explains inheritance rules ‌ | Personal Finance | Finance

A person can claim online to inherit the NS&I savings of a friend and loved one who has died, including their Premium Bonds and winnings.

There is no need to create an online account although the person will need some details about the individual who has died.

Once the person has contacted the savings provider, the group will contact them to tell them if they need a Grant of Representation. This may be needed if the customer had savings of £5,000 or over with NS&I.

A person will need to provide these details to access the person’s savings, including their Premium Bonds:

• The customer’s personal details (full name, address, date of birth, date and place of death)
• Full name of the executor(s) if there is a will, or the name of the administrators if there is no will
• The type of NS&I account(s) the customer held
• Details of the person who is making the claim
• Bank account details to pay the money into.

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A person can file a bereavement claim to receive a deceased person’s savings using a form on the NS&I website.

The provider will hold onto any prize funds the person has won, which can then be collected by the person inheriting their savings.

Information on the NS&I website states: “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.

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

Premium Bonds holders are entered into a monthly prize draw with each £1 Bond having an equal chance of winning a prize.

There are two £1million jackpot prizes in each draw and other big cash prizes of £100,000 and £50,000.

People often choose to reinvest their winnings to increase their chance of winning again. A person can hold up to £50,000 in Bonds.

A person has to purchase at least £25 in Bonds when purchasing new Bonds. The current odds of winning are 24,000 to 1.

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