TL;DR
NS&I is sending claim letters to families of deceased savers covering £367 million of unclaimed Premium Bonds, savings accounts and certificates. The letter explains the documents needed and the timetable for releasing the funds.
NS&I has sent claim letters to families of deceased savers, releasing £367 million in unclaimed Premium Bonds, savings accounts and certificates. The letter explains the documents needed to release the funds and the typical timetable, which can run from a few weeks to several months depending on the product and the size of the estate.
Why NS&I is sending the letters
NS&I is the public-facing brand for National Savings and Investments, a government department offering Premium Bonds, savings accounts and certificates backed by the Treasury. Holdings sit in customer accounts until they are cashed in or claimed.
When a saver dies the funds remain in the account until the executor or administrator of the estate makes a claim. NS&I's letters are part of a regular reconciliation exercise to release dormant balances and Premium Bond prizes to the estates.
What the letter asks for
The letter typically asks for the original or certified copy of the death certificate, the grant of probate or letters of administration where the estate exceeds £5,000 in NS&I products, and proof of the executor's or administrator's identity.
Where the estate is small NS&I can release funds without a grant of probate if the executor signs an indemnity and provides the death certificate. The exact threshold is reviewed periodically and is currently £5,000 across all NS&I products held.
Premium Bonds and the 12-month draw rule
Premium Bonds remain in the monthly prize draw for 12 months after the holder's death, with any prizes added to the estate. After the 12 months the bonds are cashed in and the value paid to the executor.
Executors can choose to cash in earlier if the estate needs the funds before the 12 months elapse. The earlier cash-in stops the bonds from entering future draws.
How long the claim takes
Straightforward claims with a grant of probate and a current death certificate typically take two to four weeks. Larger estates with Premium Bonds and multiple products can take longer because each product is processed separately.
NS&I writes to the executor when the claim is acknowledged and again when the funds are released. Communication is by post, with a dedicated bereavement team handling each case.
Where to find the latest claim form
The bereavement claim form is on nsandi.com under the bereavement support section. The form covers Premium Bonds, Direct Saver, Income Bonds, Investment Account, Premium Bonds and Children's Bonds in a single combined claim.
The bereavement helpline is 08085 007 007 and operates Monday to Friday, 8am to 6pm. Free probate guidance is also available from gov.uk's probate pages and from Citizens Advice on 0800 144 8848.
Key facts
- Total of £367 million covered by current letters.
- Grant of probate required for estates over £5,000 in NS&I products.
- Premium Bonds stay in the draw for 12 months after death.
- Bereavement helpline is 08085 007 007.
- Claims typically process in two to four weeks for simple cases.
FAQ
Why did my family receive an NS&I letter?
NS&I sends bereavement claim letters when a saver has died and the estate needs to release Premium Bonds, savings accounts or certificates. The letter explains the documents needed and the next steps.
What documents are required?
The death certificate, grant of probate or letters of administration where the estate exceeds £5,000 in NS&I products, and proof of the executor's or administrator's identity. Smaller estates can use an indemnity form.
How long does the claim take?
Straightforward claims with a grant of probate typically take two to four weeks. Larger estates with Premium Bonds and multiple products can take longer because each product is processed separately.
What happens to Premium Bonds after death?
Premium Bonds remain in the monthly prize draw for 12 months. Any prizes won are added to the estate. After the 12 months the bonds are cashed in and the value paid to the executor.
