Premium Bonds

ffacoffipawb

misspuddleduck wrote: »

Likewise because it was my Mums I hold on to it. I plan to give it to my grandson....maybe sometime in future generations it might win something!:j

I think they cease to be entered into the monthly draws after six months have elapsed since death?

So apart from a six month window, the bonds eligibility to future prize draws, are not inheritable.

polymaff

misspuddleduck wrote: »

Not sure where the best place to post this question is so apologies if this is the wrong section.

I have a premium bond my Mother bought in November 1956 it has never won a prize! I'm just wondering if anyone has an older bond that's never been chosen?

Sentimental value only to be realistic.


What is the bond number? AA-something?

AnotherJoe

misspuddleduck wrote: »

Likewise because it was my Mums I hold on to it. I plan to give it to my grandson....maybe sometime in future generations it might win something!:j

If it was literally your mums, you cant win on it unless she died recently, in which case my commiserations, and you certainly cannot pass it on.

Thrugelmir

I was given a £1 bond when I was born. Yet to win a prize.

misspuddleduck

Hi Anotherjo

You transfer a premium bond when someone dies, I filled in a form sent it to NSI and they transferred the bond into my name, the same process when I leave it to my grandson.

JGB1955

misspuddleduck wrote: »

Hi Anotherjo

You transfer a premium bond when someone dies, I filled in a form sent it to NSI and they transferred the bond into my name, the same process when I leave it to my grandson.

According to NS and I ....


Only some NS&I savings products can be transferred into another person’s name. Premium Bonds, Children’s Bonds and Individual Savings Accounts cannot be transferred and 65+ Guaranteed Growth Bonds can only be transferred to someone aged 65 or over.



so looks like my solitary 1956 bond will die with me!

AnotherJoe

Well, I didn't want to contradict the OP and accuse them of lying so i wondered if what happens is rather than they send you the money they buy another bond ? hence me asking if it was a different number. (oops i didnt do that didnt press submit) Though I couldn't in a quick search find any reference even to that option on their website.
Maybe you could do it, once upon a time. I dont believe you can now and nothing on the website leads me to believe OP is correct indeed much the opposite.

davidwatts

misspuddleduck wrote: »

Hi Anotherjo

You transfer a premium bond when someone dies, I filled in a form sent it to NSI and they transferred the bond into my name, the same process when I leave it to my grandson.

My recollection of dealing with someone's estate is that the option was to cash in the bonds immediately or leave them in the draw for 12 months and then cash them in. That's consistent with what the online brochure says now: "If a Premium Bonds holder dies
If a Premium Bonds holder dies, their Premium Bonds become part of their estate. The Premium Bonds will continue to take part in prize draws for 12 months following the date of death, unless they are cashed in before that."

So I don't believe it's possible to inherit a bond in perpetuity and pass it onto someone else. You might have a physical bond you've kept and not cashed in but I can't see how it can still be in the draw.

Kantankrus_Mare

We are just going through this now. My mam died middle of Feb and had a fair amount in bonds. The bonds can be left for 12 months from date of death and then they should be cashed in. Not possible to transfer to anyone elses name.
Ive been helping my Dad to sort through everything and had started to fill in the form putting him as beneficiary but have just seen the Will this morning and my Mam has stipulated that they are to be shared between me and my brother.
My Dad is insisting that they will go into his name but I have a feeling the form will be returned as they need a copy of Will which clarifies this. Dont want to argue with my dad as we havent even had the funeral yet and everyone still a bit fragile, so I will leave it in hands of executor. We will leave the bonds in for a year anyway so no rush.

polymaff

If the NS&I savings you are claiming include Premium Bonds, you can continue the holding in the deceased’s name. Bonds will remain in each prize draw for up to 12 months after the date of the customer’s death.

To keep the Bonds invested, you’ll need to send the Bonds to us along with the completed claim form. Bonds can’t be transferred into another person’s name but will be kept on record for 12 months and prizes will be sent to the person who is entitled to the money. If the Bonds can’t be found at the time of the claim but are found at a later date, you’ll need to destroy them.

At the end of 12 months, the value of the Bonds will be paid out to the person who is entitled to the money. You can apply for repayment at any time during this 12-month period.

If you choose to have the value of the Bonds repaid immediately, the Bonds will be eligible for prize draws only for the calendar month in which the repayment takes place.

All of the above seem to be based upon the assumption that you tell NS&I that the holder has died.

HTH