Question to the HM Treasury:

To ask Her Majesty's Government whether they allow individuals to leave their premium bonds to beneficiaries in their wills; and if not, why not.

The regulations and legislation that govern NS&I determine that Premium Bonds holdings cannot be transferred to a new individual, or inherited. This is to ensure that individuals cannot hold more than one Premium Bond account and prevents individuals from holding more than the maximum Premium Bond investment, currently £50,000.

Upon the death of a person, any Premium Bond holdings are repaid to the Executor. Beneficiaries can, of course, choose to invest in Premium Bonds, up to the maximum limit. To allow time for the Estate to be settled correctly, Premium Bonds that have not yet been returned to the Executor remain eligible for the prize draw for up to 12 months following the owner’s date of death.