NS&I has responded to a concerned individual who was struggling to access his account after his grandfather passed away.
The person reached out to the provider on the social media platform X to ask: “I was made a premium bonds account by my grandad when I was born, but he has since passed and all he has left me is the application number. Could you help?”
Premium bonds are an investment product that has been issued by National Savings and Investment, or NS&I. They offer a range of savings and investment products, that are backed by the UK Government.
Many adults choose to invest on behalf of their child or grandchild aged under 16. Investments can vary from £25 to £50,000.
They are very popular as although they don’t pay interest, they are entered into a monthly prize draw, where tax-free prizes are up for grabs. Every month, more than two million prizes are paid out.
Winners are selected at random, with prizes ranging from £25 to £1 million. With every £1 the account invests, you get a unique Bond number, and ergo a higher chance of being selected to win a prize.
The savings are all backed by the UK Government, so the money deposited is secure. If you need the funds for anything else, you can cash in your Bonds at any time.
Responding to the disgruntled user on X, the NS&I said: “Thank you for getting in touch. We’re sorry to hear of your loss.
“If you’ve found some Premium Bonds in your own name and need any information about your investment (including your holder’s number), or to update any of your details, you can write to us at NS&I, Sunderland SR43 2SB and ask us for an updated Bond record (a summary of your holding).”
They then linked a description of what to put in the letter, which included personal details, reference numbers and details of the account and investments.
The letter must also be signed, unless the account was opened when the account holder was under 16, in which case the signature should be witnessed so they can control any investments to them.
