Legal News | 25.08.22

NS&I, not necessarily as easy as 1, 2, 3

When a loved one dies, the personal representative may have to apply for a Grant of Representation in order to release funds from banks, building societies and other financial institutions.

While most banks and building societies will release account balances of less than £25,000 to the personal representatives before requiring sight of a Grant, this is not the case with National Savings & Investments (NS&I).

NS&I require a Grant for balances in excess of £5,000. Although NS&I allow a deceased’s premium bonds to remain in the prize draw (and thus eligible for winning prizes) for up to 12 months after death, the requirement for a Grant still stands.

As you cannot hold premium bonds in joint names (and therefore the rules of survivorship do not apply), some people decide to cash in their premium bonds whilst they are still alive.

Whichever you choose to do, Wansbroughs can be here to advise and assist.

If you would like more advice regarding obtaining a Grant of Representation, please contact our Private Client Team at wealth@wansbroughs.com.