Premium Bonds: How do Premium Bonds work? | Personal Finance | Finance

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Prizes range from £25 to £1 million and are all tax-free.

From Spring 2021, NS&I is going to start phasing out the use of Premium Bonds prize warrants – or cheques.

Instead, if you have won a prize, most are sent automatically by NS&I through your chosen payment method.

For a prize of £5,000 or more, NS&I may need to check with you first before paying it.





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