Farra is a death administration assistant for UK families. Get step-by-step guidance for registering a death, applying for probate, notifying banks, and managing bereavement admin. From essential documents to practical checklists, Farra simplifies estate paperwork and funeral-related tasks so you can focus on what matters.
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Premium Bonds held by someone who has died remain eligible for the monthly NS&I prize draw for up to 12 months after the date of death. The executor or administrator must notify NS&I, then claim the Bond value (and any unclaimed prizes) as part of the estate. For holdings under £5,000, NS&I will pay without requiring probate.
Premium Bonds are one of the UK's most popular savings products, with over 24 million holders. When a holder dies, the Bonds do not simply disappear — they remain active in the prize draw for up to a year, and the full face value must be claimed for the estate. Many families are unaware of this 12-month window, and miss out on prizes the deceased's Bonds may still be winning.
This is the fact that surprises families most. NS&I rules allow Premium Bonds to remain in the monthly prize draw for 12 calendar months after the date of the holder's death. This means if your relative died in March, their Bonds could still win prizes in draws held through to the following February.
Any prizes won during this period are held by NS&I and added to the value of the Bonds when you make your claim. They are treated as part of the estate. After 12 months, the Bonds are removed from the draw automatically.
You are not required to wait 12 months before claiming. You can request payment at any time after death — but if you do so within the 12-month window, the Bonds are cashed in and removed from future draws. It is worth considering whether to claim early or wait and potentially accumulate further prizes, particularly if the holding is large.
Practical tip:
You can check whether the deceased's Bonds have any unclaimed prizes using the NS&I prize checker at nsandi.com, or by calling NS&I on 08085 007 007. Prizes won before death that were not paid out are included in the claim.
The executor (or administrator if there is no will) should notify NS&I as soon as possible after death. You can do this by post, by calling NS&I's bereavement line, or by visiting a Post Office in some circumstances.
You will need to provide the following:
NS&I will send you a claim form once they have received your initial notification. Complete this and return it with the required documents. Do not send original Bond certificates — NS&I keeps records electronically and certificates are not needed.
NS&I applies its own threshold for when probate is required. If the total value of the deceased's NS&I holdings (including Premium Bonds, Investment Accounts, Direct ISAs, and any other NS&I products combined) is £5,000 or less, NS&I will normally pay the estate without requiring a grant of probate or letters of administration.
This threshold applies per person, not per product. So if the deceased held £3,000 in Premium Bonds and £3,000 in an NS&I Direct ISA, the combined holding of £6,000 exceeds the threshold and probate would be required.
For small estates where the only significant asset is a modest Premium Bond holding under £5,000, it may be possible to claim the Bonds and other NS&I products without applying for probate at all. NS&I will instead require a statutory declaration from the executor or next of kin.
Important:
The NS&I £5,000 threshold is separate from the probate threshold used by banks and building societies, which is typically much higher (up to £50,000 at many banks). Probate may not be required for a bank account but may still be required for NS&I products if combined holdings exceed £5,000.
If the deceased left a valid will, the executor named in it has the authority to claim Premium Bonds and other NS&I products. For holdings under £5,000, the executor can usually claim using a certified copy of the will and the death certificate, without needing to obtain probate first.
If there is no will (the estate is intestate), the next of kin must apply to the Probate Registry for letters of administration before they can legally act as administrator of the estate. NS&I will require these letters of administration for holdings over £5,000, just as they would require a grant of probate for an estate with a will.
For small NS&I holdings under the £5,000 threshold where no probate has been obtained, NS&I may accept a statutory declaration — a formal sworn statement about your relationship to the deceased and your entitlement to act. A solicitor or commissioner for oaths can prepare this for a small fee (typically £5 to £20).
NS&I makes monthly prize payments by bank transfer or cheque. If the deceased won a prize shortly before death, or if prize cheques were received but not banked, the prize amount may not have been collected.
When you make your claim, NS&I will automatically check their records and include any unclaimed prizes in the total amount payable to the estate. You do not need to request this separately.
NS&I retains records of uncashed prize warrants (cheques) for up to 18 months. Any prizes won during the 12-month post-death prize eligibility period are also held and included in the final payment.
Once NS&I has processed the claim and verified the documents, they will pay the Bond value (plus any unclaimed prizes) directly to the estate. Payment is typically made by bank transfer to the executor's estate account, or by cheque payable to the executor.
The proceeds form part of the residuary estate and are distributed to beneficiaries in accordance with the will (or intestacy rules if there is no will). There is no inheritance tax relief specifically for Premium Bonds — they are treated as a straightforward cash asset of the estate.
Premium Bonds cannot be transferred to a beneficiary's name. They can only be redeemed for cash. If a beneficiary wishes to hold Premium Bonds themselves, they must purchase new Bonds in their own name using the cash they receive from the estate.
Processing times vary, but NS&I typically aims to process straightforward claims within 10 working days of receiving all required documents.
If you cannot find the deceased's NS&I holder number, NS&I can trace accounts using the deceased's full name, date of birth, and address. Contact NS&I directly and explain the situation — they have a dedicated bereavement team trained to assist families in exactly this situation.
You can also use the NS&I online tracing service at nsandi.com if you know the deceased's personal details. Alternatively, look through the deceased's paperwork for:
Can you close a fixed-rate savings account early when the account holder dies? Bank policies, documentation needed, and how to access funds.
Is the family liable for a deceased person's credit card debt? Who is responsible, how to notify the card company, and what happens to the balance.
How to value, transfer, and sell shares and investment portfolios as part of an estate. Quarter-up valuation, registrars, and CGT uplift on death.
How to find unknown or dormant bank accounts belonging to someone who has died. My Lost Account service, Dormant Assets Scheme, and NS&I tracing.
Guide to stocks and shares ISAs after death. Tax-sheltered status, the Additional Permitted Subscription allowance for spouses, and the transfer process.
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