How to cash in Premium Bonds

Want to cash in your NS&I Premium Bonds? Our simple guide explains how to do this online, by phone or through the post.

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Michelle Stevens

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Premium Bonds are a great option for a different way of saving – winning prizes rather than gaining interest. At least that’s what we’ve been taught to believe, right? In a pre- tax-free savings and pre-FSCS world, with low savings interest rates, they might have made a lot more sense. But now it’s harder to see their merits.

But the good news is that just like with regular savings, you can take your money out of Premium Bonds at any time. Here’s how you do it.

Cash in Premium Bonds online or by phone

The easiest way to cash in Premium Bonds is to call or use the online form. For both of these options you’ll already need to be registered with the NS&I online or phone service, and have your NS&I holder’s number and password to hand. Then, either call 08085 007 007 or go to the NS&I site and log in to your online account. Once the process is completed, the value of the Premium Bonds you’ve cashed in will be transferred into the bank account that you nominated when you registered.

Cash in Premium Bonds by post

If you’re not registered for the NS&I online or phone service (so don’t have login details and a password) or if you want to cash in specific premium bond numbers, then you’ll have to print out and fill in the “cash in Premium Bonds” form on the NS&I website. You then post it to NS&I, Sunderland, SR43 2SB. (Note that there is also an online form for cashing in only some of your Premium Bond numbers.)

When filling in the form you’ll need your NS&I number. You’ll have to select the amount of Premium Bonds you would like to cash in (all of them or some of them – and in that case, how much). If you’re only cashing in some of your Premium Bonds, then you’ll need to enter the specific serial numbers of those bonds. If you don’t mind which ones you cash in, you can tick “no” to that question and NS&I will cash in your oldest Premium Bonds first.

Choose how to receive the cash from your Premium Bonds (if applying by post)

Section 6 of the above form gives you two options of how to cash in your Premium Bonds:

  • To a nominated bank account. Here, you’ll need to fill in the details of the current account that you would like to have the value of the bonds paid directly into.
  • By warrant. This option means that you will be sent the funds by cheque in the post. (NS&I had previously indicated that it would be phasing out cheque payments by March 2021, but it since has reversed this decision, so you can still opt to receive your payment by cheque.)

NS&I usually takes around 8 days to process a “cash in” form, so it will take at least 8 days plus postage delivery time before a cheque reaches you. If you have sent in the form but haven’t received anything from NS&I in the post after that time, contact them by calling 08085 007 007 Monday to Friday from 8am to 8pm or on weekends from 8am to 6pm. NS&I’s virtual assistant is available 24/7.

What to do after you’ve cashed in your Premium Bonds

That is totally up to you. But there are many reasons why people choose to cash in their Premium Bonds, such as releasing the money to make a big purchase or to invest in something else. Perhaps you’re aiming to get on the property ladder or you just fancy going on a great holiday!

We go through some of the most popular options below and highlight the Finder guides that might help, whatever it is you decide to do with the money you’ve cashed out of your Premium Bonds.

  • Get a mortgage. Decided to take money out of your Premium Bonds to help with a house deposit? Check out our mortgages guide.
  • Open a fixed rate savings account. Not had much luck winning anything in the Premium Bonds prize draw? You might decide to move your savings into a fixed rate bond instead, where you can get a guaranteed interest rate. You can also discover other types of savings accounts here.
  • Invest in the stock market. If you like watching the stock markets, you may be hoping to generate some returns on your money by buying company shares or investing in a stocks and shares ISA. Read our investment section to find out more. Remember your capital is at risk if you invest.
  • Add to your pension. If you’re thinking about saving more for your retirement you may opt to top up your pension fund. It’s a complicated area, so visit our pensions section to discover more.
  • Spend it. Got your eye on a dream holiday? If your cashed out Premium Bonds are earmarked for that trip of a lifetime, read our travel money guide to make sure you’re getting the best deal on your spending while you’re abroad.

You can also check out our guide to learning more about the alternative options to Premium Bonds or the best places to save money.

Frequently asked questions

Who is most likely to be researching how to cash in premium bonds?

Finder data suggests that men aged 65+ are most likely to be researching this topic.

ResponseMale (%)Female (%)
65+18.82%14.93%
55-6410.63%9.61%
45-548.99%7.79%
35-445.73%5.78%
25-345.41%4.79%
18-243.84%3.70%
Source: Finder sample of 8,169 visitors using demographics data from Google Analytics
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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Deputy editor
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Michelle Stevens is a deputy editor at Finder, specialising in banking, credit, loans and mortgages. She has a journalism degree from the University of Sheffield and has been a journalist for 15 years, writing on topics including fintech, payment systems and retail. In her spare time, Michelle likes to travel, explore new foodie experiences and attempt to improve her own culinary skills. See full bio

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Michelle has written 69 Finder guides across topics including:
  • Banking
  • Mortgages
  • Credit
  • Fintech
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  • Loans
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