Premium Bonds

geministar2008

How do premium bonds work?

I ask as my grandad died a few months ago and my nan has mentioned premium bonds he gathered over the years, which she has sent to be cashed.

Does this mean she will be well off?

How long does it take for them to be cashed and the amount returned to her?

Can premium bonds be made out for individual people before they are cashed?

I ask as my mum (my grandads daughter) is a little concerned as to how her sister deals with her mums financial affairs.

JoeCrystal

Read this: http://www.nsandi.com/products/pb/index.jsp

Basically, it is just a way to get into the draw in hope to win prizes, you do not gain interests and the actual amount is protected.

Here is the link on death claims: http://www.nsandi.com/help/deathclaims.jsp

As for individual people, I think you misunderstood the purpose of Premium Bonds, but it depend on the will and such. Hopefully, other users can answer it better than I.

EDIT: Sorry, I did not read the questions correctly, if they are getting cashed then that is fine since all the paperworks seems to be sorted out. As for your nan and family matters, well, that is family matters and not for debate.