Selling Premium Bonds: best ways to cash them in and withdraw your money

Updated on 02 July 2020

Want to cash in and withdraw your Premium Bonds? Here are the easiest ways to sell and get your money back from NS&I.

NS&I Premium Bonds: what are they?

NS&I Premium Bonds are a hugely popular 'savings account' that pay out monthly lottery-style prizes to a lucky few winners rather than traditional interest.

But it can be disheartening if you go years without winning and, with the 'prize' rate beatable through traditional fixed-rate savings and current accounts, some will be considering cashing in their Bond holdings. 

If you're one of them, the good news is the process of withdrawing your money from NS&I is pretty straightforward.

But before you do, why not check whether you have any unclaimed prizes?

How to cash in Premium Bonds by phone or online

Perhaps the easiest option is to make use of the phone and online service.

If you applied for the bonds online or by phone then you’re already registered. Simply log in using the details you provided or call on 08085 007 007.

Make sure you have your NS&I number and password handy – and obviously the amount of Premium Bonds you want to cash in.

This should only take a few minutes. 

NS&I will cash in your oldest Bonds first and pay the money into your nominated current account.

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Filling out the Premium Bonds Cash In form

If you didn’t apply for your Premium Bonds online or by phone, you can withdraw your money by filling out the Premium Bonds Cash In form.

Simply select how many bonds you want to cash in by ticking the relevant box in section three of the form.

If you want to cash in a specific set of your Bond numbers, simply enter the start of the range of numbers in section four. 

If you tick ‘No’ in section four or leave it blank, NS&I will cash in your oldest bonds first.

How will I be paid for my Premium Bonds?

Section six of the form is where you decide how you want your Premium Bonds to be paid out.

You cash choose from direct credit into your current account or by warrant, which is like a cheque, through the post.

NS&I says it normally takes around eight working days from the point of receiving your application to process your request (unless you opted to defer the payment until after the next prize draw).

If you don’t have your funds by then, get in touch with NS&I – ideally by calling 08085 007 007 as tweeting and emailing can involve security risks. Find out more about contacting NS&I here.

Not sure where to put your savings once you've cashed in your bonds? Take a look at our comprehensive roundup of where to get the best rate on your money.

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Best time to sell your Premium Bonds

If you don't have to sell your bonds immediately, it's worth thinking about the right time to ditch some or all of your holdings.

As loveMONEY reader @lynmouth1 explains in the comments section below, it's worth waiting until the start of a new calendar month to do so rather than, say, the last week of the month. 

This way you can ensure your holdings will have one final chance to win big in the monthly draw before you withdraw them.


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