NS&I's £5,000 probate threshold, the 12-month prize draw rule, how to make a claim, and what documents you need.
This guide is part of ProbateHelp's Estate Assets guide cluster. Estimated reading time: 10 min.
Yes. Contact NS&I directly with the deceased's name, address, and date of birth. NS&I can locate the account without the holder number. You can call NS&I's bereavement line or use the online form and explain that the holder number is not available.
No. Premium Bonds cannot be transferred to another person. They must be cashed in and the proceeds distributed as cash. The beneficiary can then purchase their own Premium Bonds if they wish (up to the £50,000 maximum holding per person).
No. Premium Bond prizes are always tax-free, regardless of when they are won. Prizes won after death are paid to the estate and are not subject to income tax. They should be included in the estate accounts as income received during administration.
Yes. NS&I has a prize checker tool on their website (nsandi.com) where you can check for unclaimed prizes using the holder number. Unclaimed prizes from before the death are added to the estate. NS&I also proactively checks for unclaimed prizes when processing a bereavement claim.
If the estate qualifies as an 'excepted estate' (broadly, estates below £325,000 with no IHT to pay), you may not need to complete the full IHT400 form. However, you still need to value all assets — including Premium Bonds — to confirm the estate is below the threshold. Keep a record of the valuation.