What Happens to Premium Bonds When Someone Dies and Where Does the Money End? United Kingdom | New

According to the company, when a person dies, interest will still be paid on their account until someone else takes the step of shutting it down. This is most likely the individual’s executor or an administrator if no will is in place.

It is therefore likely that someone wants to claim the savings of a deceased person so that the beneficiary concerned can receive the sum.

Are Premium Bond Investments Worth It? Let us know your thoughts in the comments below

They will also need the personal data of the person at hand when making their complaint.

The details that individuals are likely to need when claiming NS&I savings include:

• Customer’s personal data (full name, address, date of birth, date and place of death)
• Name of spouse (if applicable)
• Full name of the executor (s) if there is a will, or of the administrators if there is no will (if they get an administration grant or confirmation from the executor)
• Type of NS&I account (s) held by the client
• Details of the person making the request
• Bank details on which to make the payment

After a person dies, their premium bonds can remain in the draw for a total of 12 months.

This means that they could still win some prizes, but naturally individuals will want to know what is going on if they are.

Once NS&I has been notified of a person’s death, all prizes won must be paid by warrant to the person entitled to the money once the claim is completed.

The organization keeps all prizes won by the customer before that date and will send them out once the claim is complete.

It should be noted, however, that these prices cannot be paid electronically, nor can they be aggregated to be paid at the end of the 12 month period.

If the deceased has won an award and received an award warrant, some may be confused as to what to do next.

But NS&I luckily explained the matter in more detail.

Its website says, “Please send the warrant back to us and we will deliver it to the person entitled to the money once we have completed the claim.

“We will also keep any other prizes the customer wins until we have completed the claim.

“Then we will send all future prizes won by money order – like a check – after each raffle to whoever is entitled to the money. “

For funeral notices in your area, visit avis-enterrement.co.uk