BOOM: Premium Bonds

[AtW]

And if you knew anything about premium bonds you'd know that you can't inherit or transfer them.

Are you saying that they can’t be cashed out by whoever inherits the estate?

[TestMangler]

Are you saying that they can’t be cashed out by whoever inherits the estate?

I can tell you for a fact that when they are part of a deceased estate, they can be cashed out and become part of the estate (in money), unless they've changed the rules in the last 12 months.

[AtW]

I can tell you for a fact that when they are part of a deceased estate, they can be cashed out and become part of the estate (in money), unless they've changed the rules in the last 12 months.

That’s what quick search suggests, they are part of the estate so obviously inheritable - just can’t change name on account, but since it’s no ISA cashing it out is hardly a problem

[mogga71]

“Biggest increase to Premium Bond prize rate for 40 years

100,000 more prizes could be given out next month to premium bond holders

The Premium Bond prize rate will increase from 1.4pc to 2.2pc next month – the biggest rate rise since 1980.

National Savings & Investments said the increase would boost the overall size of the prize pot by £76m and will mean almost 100,000 more prizes are given out next month.

The last time NS&I announced an increase as big was in July 1980, when it changed the prize fund rate to 7pc from 5.75pc, an increase of 1.25 percentage points.

Premium Bonds are Britain’s biggest savings scheme, with over 22 million holders, and offer prizes of between £25 and £1m a month. This is the first time returns have passed 2pc since November 2008, during the financial crisis, when the rate was 2.85pc.
“
https://www.telegraph.co.uk/personal...e-forty-years/

My family has £100k in them. The odds of winning the £1M is still absolutely astronomical. As soon as the FED pivots I will be using the money to invest elsewhere. They would be better off breaking the 2 £1M prizes into 20 100k prizes IMO.

[TestMangler]

That’s what quick search suggests, they are part of the estate so obviously inheritable - just can’t change name on account, but since it’s no ISA cashing it out is hardly a problem

My mum died last Jan with a fair amount of premium bonds. Took several months to get them dissolved and cashed out but I just assume that's the case with all things of that nature. I also know that when my kids turned 16, getting their NS&I bonds transferred to them from me was also a ballache so I assume it's just a slow and laborious process dealing with NS&I.

[AtW]

My family has £100k in them. The odds of winning the £1M is still absolutely astronomical. As soon as the FED pivots I will be using the money to invest elsewhere. They would be better off breaking the 2 £1M prizes into 20 100k prizes IMO.

They keep 1 mln as a halo top prize

[Zigenare]

That’s what quick search suggests, they are part of the estate so obviously inheritable - just can’t change name on account, but since it’s no ISA cashing it out is hardly a problem

Premium Bonds are not an asset that can be passed on to a beneficiary in the same way that funds from bank accounts and savings accounts can; they cannot simply be inherited or transferred to someone else's name.

[_V_]

50,000 in 59,082,205,208!

https://www.moneysavingexpert.com/sa...ds-calculator/

In a year you have the following probabilities.

[AtW]

Premium Bonds are not an asset that can be passed on to a beneficiary in the same way that funds from bank accounts and savings accounts can; they cannot simply be inherited or transferred to someone else's name.

“Premium Bonds
If the NS&I savings you are claiming include Premium Bonds, you can continue the holding in the deceased’s name. Bonds will remain in each prize draw for up to 12 months after the date of the customer’s death.

To keep the Bonds invested, you’ll need to send the Bonds to us along with the completed claim form. Bonds can’t be transferred into another person’s name but will be kept on record for 12 months and prizes will be sent
to the person who is entitled to the money. If the Bonds can’t be found at the time of the claim but are found at a later date, you’ll need to destroy them.
At the end of 12 months, the value of the Bonds will be paid out to the person who is entitled to the money. You can apply
for repayment at any time during this 12-month period.“

https://www.nsandi-adviser.com/sites...t-friendly.pdf

[Zigenare]

“Premium Bonds
If the NS&I savings you are claiming include Premium Bonds, you can continue the holding in the deceased’s name. Bonds will remain in each prize draw for up to 12 months after the date of the customer’s death.

To keep the Bonds invested, you’ll need to send the Bonds to us along with the completed claim form. Bonds can’t be transferred into another person’s name but will be kept on record for 12 months and prizes will be sent to the person who is entitled to the money. If the Bonds can’t be found at the time of the claim but are found at a later date, you’ll need to destroy them.
At the end of 12 months, the value of the Bonds will be paid out to the person who is entitled to the money. You can apply
for repayment at any time during this 12-month period.“

https://www.nsandi-adviser.com/sites...t-friendly.pdf

Premium Bonds are not an asset that can be passed on to a beneficiary in the same way that funds from bank accounts and savings accounts can; they cannot simply be inherited or transferred to someone else's name.