NS&I Premium Bonds: Why where you live can impact investments with NS&I

Saving money is something which many people will do, with an array of ways to make this money work harder for them. Among these options are Premium Bonds – something offered by the government-backed savings bank National Savings and Investments (NS&I).


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However, some people will need to be aware that whether or not they can save with NS&I depends on where they live.

While NS&I is a UK-based savings provider, some customers live outside of the UK.

It’s something which the HM Treasury-backed savings bank points out on its website.

“Some of our products cannot be held in certain countries due to local restrictions and some may also be liable for local tax,” the website warns.

“For detailed information you will need to check the local law or regulations in the country outside the UK you are living in or moving to.”

So, how does this affect Premium Bonds in particular?

Those living outside of the UK need to check whether local regulations permit them to hold Premium Bonds, the savings bank explains.

It adds an example of why this may not be possible for some living overseas.

“For example, the US has strict gaming and lottery laws which mean that it may not be possible or practical to hold Premium Bonds while in the US,” the website states.

Should the individual be allowed to hold Premium Bonds under local regulations, then the way in which they apply in the first instance must be by post.

“If you are allowed to hold them, you will have to apply in the first instance by post,” it states.

“Once your holding has been set up you can register for our online and phone service.”


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Once this registration has been carried out, the saver can manage their holding online and by phone.

This includes cashing in Bonds and buying more.

“You can also select to receive prizes by BACS to a UK bank or building society account or an NS&I Direct Saver or Investment Account (with notification by email) and paperless documents,” the guidance continues.

However, it’s important to be aware that there is a particular type of card which must be used to buy Bonds via this service.

When the Bonds are being purchased online or by phone, it must be done using a personal debit card issued by a UK bank or building society.

Should the saver win any prizes, then the winnings will be paid in Sterling.

The results of the August 2020 Premium Bonds prize draw are to be announced in a matter of days, as the new month rolls around.

In July 2020, the prize fund reached more than £106million, and there were more than 3.7 million prizes.

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