Premium Bond holder tries to claim Bond they were gifted in 1970

A person who was gifted a Premium Bond when they were born over 50 years ago has struggled to claim the Bond as their own.

Twitter user @PedroT70 contacted NS&I about a Bond that was bought for them as a gift by their neighbour when they were born in 1970, asking how they could claim it as their own.

Historically, many people bought Premium Bonds as gifts for friends and family, as they are entered into a monthly prize draw with a chance to win £1million.

After some back and forth, it was established that the Bond was likely purchased in the name of the neighbour, which causes issues with how it can be passed on.

NS&I initially said the Premium Bond should have been automatically transferred to them when they turned 16 and asked if they had any other Premium Bonds or NS&I investments.

READ MORE Premium Bonds holder receives winnings cheque in wrong name

The person said they did, but when they tried to register the Bond the old style number was not accepted by the system.

NS&I then replied to advise the Bond was likely held under a “separate portfolio” and would need to be merged with the saver’s current portfolio, which they could request by writing to the group.

The person said they did write to the group to request this but it turned out the Bond was not in their name.

Don’t miss…
Thousands of pensioners miss out on £1,100 a year extra income[INCOME BOOST]
Family ‘could soon be homeless’ after taking out bank loans to cover huge bills[ENERGY BILLS]
Pensioners need £285,000 in savings for a moderate retirement[SAVINGS]

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

They said: “Our neighbour likely used her name at time without realising she should have put it in my name.”

The provider explained: “As the Bonds were purchased in your neighbour’s name, she would be considered the holder for the Premium Bond regardless if she intended to buy them for you.”

The individual said their neighbour is unfortunately “untraceable” and may well have died by now.

NS&I invited them to send them a letter so they could “look into this further” although the person questioned if this would help at all.

The group offered the saver a glimmer of hope, saying: “From what you have explained, we wouldn’t be able to transfer the Bond to your name as Premium Bonds are non-transferable.

“If however there is a chance the Bond may be in your name, we will need you to write to check this for you.”

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

Source: Read Full Article