Post Office to stop selling Premium Bonds
Written on 29 June 2015
Premium Bonds will no longer be available from Post Offices from 31 July. Customers wanting to buy the Bonds will have to apply to National Savings & Investments (NS&I) direct either by post, phone (0500 007 007) or online at nsandi.com.
NS&I says the majority of Premium Bond customers already use these methods. It plans to write to all customers who have bought Bonds from the Post Office in the last year to let them know about the change.
How much can you invest?
You can now invest up to £50,000 in Premium Bonds (the limit rose from £40,000 to £50,000 on 1 June). Each Bond costs £1 and the minimum investment is £100.
More than 21 million people in the UK hold Premium Bonds and anyone aged 16 or over can buy them or you can buy them for a child.
How you win
Instead of paying interest, the Bonds are entered in a monthly prize draw giving you the chance to win a prize. Currently there are more than 2 million cash prizes each month ranging from £25 to £100,000 plus two £1million jackpots. Each bond has a 26,000 to 1 chance of winning a prize. The prize fund can vary along with the odds of winning a prize.
All prizes are tax free and you can cash in your bonds at any time to get your money back.
Find out if you’ve won
If you think you may have some Premium Bonds but have lost the certificates or simply want to check if you’ve missed out on a prize, you can check on NS&I's prize checker or its app on the App Store or Google Play.
Ways to save
There are of course no guarantees that you will win any prizes. If you are looking for a fixed return on your money then a savings account may be a better choice for you. You can find out more about savings accounts in our savings guides.