Too Many Premium Bonds

Kippenbod

In the last year I have increased my premium bond holding to the maximum £50,000. A few days ago I discovered a very old premium bond certificate for £25 which I bought before I was married and therefore with a different surname. Of course this takes me over the maximum. I would like to simply cash in the old bonds but I'm nervous of doing this in case it has unwanted repercussions from NS&I. I have checked the numbers for my old bonds and they haven't won anything. Any advice as to what I should do? I'm tempted just to shred the old bonds and forget about them but it goes against the grain to chuck the money away. Thanks in anticipation.

Alexland

Hi,

Are you sure your old holding was not redeemed? How long ago was it? Even if your name has changed I would expect NS&I to be tracking your holdings via your National Insurance number.

Alex

Kippenbod

Thanks Alex. I hadn't thought about the National Insurance Number aspect. The old premium bonds were purchased in the post office in 1984 and have a different holder's number to the one I have now. This makes me think that is why NS&I haven't made the connection. I'm certain that I haven't redeemed them.
I think I'll just take the bull by the horns and phone NS&I and explain.
Kind Regards, Kippenbod

Vortigern

Kippenbod wrote: »

The old premium bonds were purchased in the post office in 1984 and have a different holder's number to the one I have now. This makes me think that is why NS&I haven't made the connection. I'm certain that I haven't redeemed them.

Redeem £25 worth of your current 50K holding.

Then after an interval try to get the old bonds converted to your married name. I doubt that they'll notice.

Do the T&Cs suggest a penalty for holding too many?

Alexland

Out of interest how did you end up with a different NI number?

badger09

Alexland wrote: »

Out of interest how did you end up with a different NI number?

OP said a different holder number, not a different NINO.

Superscrooge

Every few years the government increases the maximum number of premium bonds an individual can hold.

It is likely there will be a further increase in the next few years which will put you back below the maximum.

Kernel_Sanders

Kippenbod wrote: »

I have checked the numbers for my old bonds and they haven't won anything.

This is completely irrelevant as those bonds are held legitimately.

Superscrooge wrote: »

Every few years the government increases the maximum number of premium bonds an individual can hold.

It is likely there will be a further increase in the next few years which will put you back below the maximum.

Well that's just fantastic. All the OP needs to do now is hope that in the meantime s/he doesn't get a huge win that will draw human scrutiny of their holdings before a decision is made confirming the pay-out.

Kippenbod wrote: »

I'm tempted just to shred the old bonds and forget about them.

ERNIE hasn't forgotten about them, and this is the dumbest thing you could do.
Take Vortigern's advice.

badmemory

Ernie forgets nothing - when I bought some last year Ernie dragged up the 2 I'd bought almost 60 years ago. No winners either, still they've got to increase my odds of winning!!