Premium Bonds and NS&I after death

Last reviewed 18 August 2026

Premium Bonds catch more executors out than any other asset, for the Government’s savings arm sets a far lower bar than the banks — and its bonds keep their own peculiar afterlife.

The £5,000 threshold

NS&I requires a grant of probate (or letters of administration) once the deceased’s total NS&I holdings reach £5,000 — counting Premium Bonds together with any Income Bonds, Direct Saver and the rest. Below £5,000, NS&I will usually pay out on a death certificate and completed claim form. This is far lower than most banks, so a modest Premium Bonds holding can require probate even where every other institution does not.

The 12-month rule, and how to claim

Premium Bonds cannot be transferred to a beneficiary. They stay in the monthly prize draw for up to 12 months after death, with any prizes paid to the estate, after which they are cashed in. Claim through the NS&I bereavement service, online or by post (NS&I is not covered by Tell Us Once, so you must contact it yourself). As of August 2026 NS&I quotes around eight weeks to respond, longer than its usual target.

Sources. NS&I, What to do when an NS&I customer has died (£5,000 threshold; 12-month prize rule; bonds non-transferable; bereavement claim). Confirmed across multiple 2026 sources.