As we know, NSandI (known better as NS&I) is an acronym for National Savings and Investments. NS&I are investments backed by the treasury. In this article we will cover how to change NS&I details, including Premium Bonds change of address. We will also cover how Premium Bonds work and how to make the most out of them.
How Premium Bonds Work
Premium bonds don’t work like other investments. As we know, traditionally you invest money which earns you interest year on year – hopefully a lot. With Premium Bonds you can invest from £25 up to £50,000. Each ‘bond’ represents a ticket which is entered into a monthly raffle from which you can win prizes – up to £1,000,000. All of the prizes are tax free and if you were to translate the prizes into an interest rate it would work out to be around 1.25%. You can learn more about how premium bonds work here.
The odds of you winning for each £1 number are 24,500 to 1. It’s important to remember that Premium Bonds are not advised for people who:
- Would like a regular income (such as with a traditional investment account);
- Inflation is a concern for you (which is important as inflation will erode 1-3% off the value of your money each year);
- You would like to invest jointly with someone else; or,
- You would like guaranteed returns.
They are, however, recommended if you:
- Would like to take advantage of tax-free investment opportunities
- If you have at least £25 to invest
- Would like the chance to win up to £1,000,000 a month in prizes
- Prefer 100% security on your money (all the money is totally protected as it is Government-backed)
- Or, are looking for a gift for someone under the age of 16
Now we’ve provided an overview of how Premium Bonds work, let’s look at how you update your address or change your details with NS&I.
How to change address with Premium Bonds
Now, let’s look at how to update your details with Premium Bonds. Updating your address includes your name, email address, physical address. If you want to update your address with Premium Bonds you can get started on SlothMove’s moving home platform. If you’re looking to update your details you can log into NS&I and will need to provide your NS&I number, password and surname.
If you are unable to log in you can ask for a password reset. Alternatively, you can complete a change of details form which you can print out send across to: NS&I, Sunderland, SR43 2SB
Changing address for Premium Bonds and going forward
As we can see, updating your details and changing address with Premium Bonds isn’t all too difficult. We’ve also seen the benefits and drawbacks of using Premium Bonds. Ultimately, it needs to be a balanced and well thought-through decision based on your circumstances.
About the author
This article was written by Anna, founder of SlothMove an online change of address service created to make moving home and updating information straightforward and simple.