NS&I explains little-known Premium Bonds rule for specific type of purchase | Personal Finance | Finance
NS&I has clarified the rules for buying Premium Bonds after a grandparent asked about buying Bonds for their relative.
The person asekd over X: “My baby granddaughter has had a premium bond account set up by her mum, how do I buy bonds for that account? Or does it have to be my daughter only?”
NS&I said in response: “You’re able to add to her existing Premium Bonds account easily through a bank transfer using our bank details found here.”
The group provided a link to this webpage with information about how to make a bank transfer or create a standing order.
The provider also advised: ” You’ll need your granddaughter’s holder’s number from her mother, however, to include as your payment reference.”
NS&I also provided the details they would need to make a Premium Bonds transfer.
The group said: “The details you would use for a Premium Bonds transfer is – Payee name: NS&I Sort code: 08 31 15 Account number: 11994808 Reference: Premium Bonds holders number (nothing else in this box.)”
A person can set up a standing order to buy more Premium Bonds as well as to invest in NS&I products such as Income Bonds, Direct Saver, Direct ISA, Junior ISA and Investment Account.
Advice on the NS&I website states: “Simply give the details to your bank and tell them how much to transfer and when.
“You’ll normally be able to do this online, by phone or in a branch. There’s no need to enter your card details and we’ll update your account when we’ve received the money.
“In most cases the money will leave your bank account straight away, and it can take up to two hours to reach your NS&I account.
“It can sometimes take longer to leave your bank account, for example if your bank needs to make extra checks. For your peace of mind, we’ll email or text you when we receive your payment.”
Each purchase of Premium Bonds has to be for at least £25 worth of the Bonds.
Each £1 Bond goes into the monthly prize draw with an equal chance of being selected for a prize.
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