Premium bonds: how do premium bonds work?

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Premium bonds: how do premium bonds work?"


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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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