Do Premium Bonds keep winning after the holder passes away? (UK)

1 October 2026 · Inherit Vault

Yes, for a while. NS&I lets Premium Bonds stay in the monthly prize draw for up to 12 months after the holder passes away. It's a small kindness in the rules, but there are a few catches that are worth knowing before you decide what to do.

The 12 month rule

NS&I's own words are that Premium Bonds "can remain eligible for the draw for 12 months after the date of death". They stay in the holder's name during that time. So a bond your dad bought decades ago could still win a prize next spring. Twelve months is the most you get.

Who gets any prizes

Nothing gets paid until NS&I has finished the bereavement claim. Until then, NS&I holds on to any prizes won. Once the claim is done, it sends those prizes to the person entitled to the money. Any prizes after that are sent after each draw. NS&I pays them by warrant, which works like a cheque. It says it can't pay these prizes straight into a bank account. It also can't save them up and pay them all at the end of the 12 months. So you might get a few small warrants through the post over the year.

If a prize warrant arrives in their name

It can happen. A warrant for a prize won before NS&I was told can land on the mat a few weeks later. Don't try to pay it in. NS&I asks you to send it back. It'll then reissue it to the right person once the claim is complete.

They don't earn interest

Premium Bonds don't earn interest, and NS&I points this out on its bereavement page. The only return is the chance of a prize. Prizes range from £25 to £1 million, and they're tax-free.* The odds are currently 21,000 to 1 for each £1 bond, each month, and they can change.* Whether to leave them in for the full year is up to the executor. It's worth talking it through with the rest of the family.

You can't take them over

People often assume the bonds can just be moved into their own name. They can't. NS&I says Premium Bonds must be repaid before the money moves into another person's name. If you'd like the money in Premium Bonds, you'd need to buy new ones in your own name once it reaches you.

How much could be there

Anyone aged 16 or over with a UK bank account can buy Premium Bonds. The smallest amount is £25, and the most anyone can hold is £50,000.* So the holding could be tiny, or it could be one of the biggest parts of the estate. It's worth finding out early, as it can change whether you need probate.

Will you need probate?

Often not. NS&I says it may ask for a grant of probate if the person's total NS&I savings are £5,000 or more.* It adds that it can ask for one for savings of any value. It'll tell you once it has your completed claim. Our post on NS&I savings after someone passes away covers the other NS&I products too.

How to start the claim

The first step is to tell NS&I and make a claim. NS&I says you can do this online without creating an online account, and there's a paper form too. You'll be asked for the full name of the executors if there's a will, or the administrators if there isn't. NS&I's contact details are on our NS&I page.

Not sure they had any?

Premium Bonds are easy to forget about, especially if the paperwork is decades old. If you have their holder's number, use the prize checker on the NS&I website to look for unclaimed prizes. NS&I says there's no time limit to claim a prize. If you don't know whether they had any bonds, NS&I runs its own Tracing Service. It's for anyone who thinks a relative had an NS&I account. You print a form and post it. Or you can use My Lost Account, a free service that can also search for old bank and building society accounts. Our guide to checking for unclaimed Premium Bonds has the step by step detail.

What to do with the other savings

Premium Bonds are often just one part of the picture. If they had ISAs or other savings too, those follow their own rules. We've covered what happens to ISAs and other savings separately. You'll find other savings providers in our building societies and savings list.

The 12 month rule only helps if someone knows the bonds are there. A holder's number written down somewhere safe is worth more than any tracing form. Inherit Vault gives you a calm place to note things like that, so your family isn't left searching.

*Correct at the time of writing, 29 September 2026. These can change, so check with the organisation before you rely on them.

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