Premium Bonds: How many Premium Bonds can you buy?

Premium Bonds are owned by around 22 million people who have saved more than £86 billion in them. Given the upcoming financial crash expected in the wake of the coronavirus pandemic, many are looking to buy as many bonds as possible. But how many Premium Bonds can you actually buy?

What are Premium Bonds?

Premium Bonds are a National Savings and Investments (NS&I) product where each £1 you invest is given a unique number.

All numbers are then put into a draw each month to win cash prizes.

For a chance to win a tax-free prize worth between £25 and £1m, you forfeit an interest rate.

This means the money you invest will not grow interest while invested, but you are in with a 24,500 to 1 chance of winning.

It is a lottery which means there is no guarantee you will win anything at all and your money is not protected from the reductive effects of inflation.

But NS&I is backed by the Treasury so your cash is safe.


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Who are Premium Bonds suitable for?

According to the NS&I, Premium Bonds are best suited to savers who:

  • Want the chance every month to win a £1 million jackpot and other tax-free prizes
  • Have £25 or more to invest
  • Want 100% security for their money
  • Want to make the most of tax-free investment opportunities
  • Want to buy them as a gift for a child under 16.

How do you buy Premium Bonds?

The minimum Premium Bonds investment must be at least £25 and in whole pounds.

You can buy Premium Bonds online using the NS&I website here and paying using a debit card.

You can also purchase Premium Bonds over the phone using the NS&1 phone line on 08085 007 007 which is open from 7am to 10pm each day.

You can also buy Premium Bonds by post, by completing an application form and sending it to the NS&I with a cheque payable,

You can find the application forms depending on who you are buying the Bonds for here.

Once you have purchased some Premium Bonds, you can set up a bank transfer or standing order to buy more bonds.

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How do you buy Premium Bonds for children?

You can buy bonds for yourself or for a child under 16 as a gift.

Until the child’s 16th birthday the parent or guardian nominated on the application looks after the Bonds, regardless of who buys them.

You can buy Premium Bonds for your own child or someone else’s child in any of the manners outlined above.

If buying for your own child, you will need to be registered first.

If you are buying for someone else’s child, only the nominated parent or guardian will be able to manage and cash in the Bonds.

How many Premium Bonds can you buy?

The maximum holding you can have with Premium Bonds is £50,000.

This means any numbers over £50,000 will be ineligible to win prizes.

If these numbers win prizes in error, NS&I has the right to reclaim the prize.

How to check if you have won a Premium Bond prize each month

Prize winners are typically notified in writing if they have won a prize, although the winner of the £1m jackpot is told in person.

You can check if you have any recent or missed prizes on the NS&I website here.

To check if you have an outstanding prize to claim by entering your bond holder’s number and selecting which month you wish to check.

There is also a free tracing service for keeping track of old bonds here.

You can opt to have your prizes paid directly into your bank account or automatically reinvested into more premium bonds.

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