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NS&I has provided clarification on the process for cashing in Premium Bonds after being approached by a customer for guidance. The customer reached out to NS&I upon discovering some old paper Premium Bond certificates and inquired about their validity, reports the Express.
Initially, NS&I asked whether the Bonds were registered in the customer’s name or someone else’s. The customer revealed possession of two certificates, each valued at £5, issued in 1985, but noted they bore no name.
In response, NS&I advised that to consolidate their savings, the customer would need to send a signed letter with the request, addressed to NS&I, Sunderland SR43 2SB, reports the Express.
NS&I detailed: “Please include your name, date of birth, address, your current NS&I number you log in with, and details of the missing Bonds.”
They added, “If the name and/or address is different on the old Bonds, please include your previous details as well.”
The customer was directed to an NS&I webpage for further information on what to include in the correspondence.
However, the saver expressed a potential issue, stating: “I am up to the £50,000 limit so I can’t merge. Can I cash the Bonds in at a Post Office? “.
NS&I clarified that the customer would need to write to them to discuss holding over the maximum limit, as checks related to prize eligibility would be necessary.
They concluded by informing the customer that while the Bonds could be repaid, they cannot be cashed at the Post Office.
Premium Bonds offer the benefit of being easily cashed in at any time, and additional bonds can be purchased online, over the phone or by writing a letter to NS&I.
The minimum investment for purchasing more Bonds is set at £25. Each £1 Bond entered into the monthly draw has an equal opportunity of securing a prize.
A common strategy among savers is to automatically reinvest any winnings into purchasing more Bonds, thereby increasing their odds of future wins.
