Terms & Conditions of Premium Bonds

If you wish to purchase or cash in Premium Bonds, there are no charges to do so. However, there are some terms and conditions to consider:

• Minimum and maximum investments are £100 and £30,000 respectively
• Your investment is protected by a tax-free wrapper: all prizes are tax-free
• You can invest a minimum of £50, if you agree to a regular direct debit payment
• Winners are automatically informed by post: you must keep contact details up-to-date!
• There is no time limit on claiming your winnings
• The Electronic Random Number Indicator Equipment (ERNIE) generates completely random numbers to receive prizes
• No need to buy a lottery ticket: Premium Bond holders are automatically eligible
• Bonds are in one person's name, but can be bought on behalf of somebody else
• You cannot transfer your Bonds into someone else's name
• You can access funds only if you withdraw all or part of your investment
• The interest rate (which determines the prize fund), the odds, the share of the prize amounts and the number of prizes at each level are subject to change each month
• National Savings & Investments (NS&I) is backed by the British Government, thus investments are 100 % secure
• Bonds are not eligible for the prize draw when first purchased: usually Bonds will be entered into the draw two months after the month when they were purchased