Your NS&I maturity letter is a decision point. Compare access, return, tax treatment and when you may need the money.
Do this before a new fixed term begins. The real risk is choosing a rate, then finding your cash is locked away.
Choose before maturity: renew, repay or transfer
Renew only after comparing the offered rate, term and access rules. Compare these with repayment, an internal switch or an ISA transfer.
NS&I products are backed by HM Treasury. Bank savings usually rely on FSCS protection instead.
If your NS&I product is inside an ISA, do not withdraw it just to move it elsewhere. Ask the new ISA provider to arrange an ISA transfer. This is a provider-to-provider move that keeps money in its tax-free wrapper. A withdrawal followed by a new deposit can use part of the £20,000 annual ISA allowance for the 2026/27 tax year. This applies unless the ISA is flexible and its replacement rules are met.
Compare four maturity instructions
Use your own maturity letter. Its rate and deadline matter more than old NS&I offers found online.
| Instruction | Access to money | Tax and checks |
|---|
| Renew into a fixed term | Usually locked for the new term. Check that issue's early-access terms. | Check the offered rate, term length, early withdrawal and maturity instruction. |
| Repay to bank account | Available after NS&I processes the repayment. | Check the nominated account, account holder name and whether interest will be taxable. |
| Internal NS&I switch | This depends on the replacement product's terms. | Check that the product is open. Check whether it is an ISA or ordinary savings product. |
| Transfer a Cash ISA | Timing depends on both ISA managers. It is often longer than a simple repayment. | Start through the receiving provider. This preserves ISA status and avoids an unnecessary subscription. |
Each of the four choices affects access to your cash differently.
Match access to the spending date
Keep emergency cash accessible. Do the same with money needed for repairs, tax or a house move.
Do not renew just because you do not need the money today. Think ahead to the whole new term.
✅
Our recommendation
A labelled financial document folder helps when you need to check several details before one deadline. Keep the maturity letter, ISA transfer form and nominated-account details together. This helps you base your choice on current terms, not memory.
- Keeps NS&I maturity notices and confirmation references in one place
- Separates ISA paperwork from ordinary taxable savings records
- Makes it easier to verify bank details before requesting repayment
Check availability →
Ask three questions to make the choice objective. First, when will you realistically need the money?
Funds needed within the next year suit a fixed term less well. The same is true for emergency cash.
Second, compare the full return and early withdrawal terms. Do not renew only because it is the default offer.
Third, think about certainty. Renewal gives a known rate for the stated term.
Premium Bonds keep capital accessible, but prizes are uncertain. Repayment may suit a known spending date, debt repayment or moving money to a better account elsewhere.
Do not treat the four routes as interchangeable. Automatic renewal keeps money in the product named in the maturity letter.
An internal NS&I switch moves money to another eligible NS&I product. It may need a separate choice.
Repayment sends cash outside NS&I. It is not a transfer and may affect your next move.
For an ISA, start the transfer with the receiving provider. This keeps funds in the tax-free ISA wrapper.
Withdrawing cash first is different. It can use annual ISA allowance unless flexible ISA rules permit replacement.
ISAs and premium bonds protect money differently
A Cash ISA shelters eligible interest from income tax. Premium Bonds offer Government-backed capital and prize draws, but no guaranteed interest.
Transfer an ISA without withdrawing it
Start an ISA transfer with the receiving provider. That provider asks the old manager for the money.
Withdrawing and reinvesting may use annual allowance. Flexible ISA replacement rules can change this result.
Prize rates are not savings rates
Premium Bonds can suit accessible cash if you accept uncertain results. Their prize fund rate is not your personal savings rate.
A Premium Bond prize rate does not promise a return. Two people with the same holding can receive different prizes.
Act when the maturity notice arrives. Its deadline decides whether NS&I can process your choice.
- 7 to 14 days before maturity: compare the offered rate, full term, early-access rule and alternatives.
- 3 to 7 working days before maturity: confirm ownership, correspondence address and nominated repayment account.
- Before the stated deadline: submit the instruction and save the confirmation reference or screenshot.
- On and after maturity: check that the chosen instruction happened. Contact NS&I promptly if the account status is unexpected.
Weekends change the practical deadline
Treat the last working day before a weekend as your deadline. Do the same before a bank-holiday maturity.
Only act later if NS&I's terms clearly allow it.
Check every renewal detail first
Check the offered rate, full term and early-access conditions. Also check ownership and the repayment account.
An attractive rate may still be unsuitable. That is true when you need the money before the term ends.
This guidance does not apply in the same way to Premium Bonds, Direct Saver, Income Bonds or other NS&I products without maturity dates. It is not personal financial advice for money linked to investing, inheritance, priority debt, means-tested benefits or complex tax planning.
The maturity date may differ from the day cleared money reaches your bank. Read the maturity instructions for the channel-specific cut-off.
Submit instructions early and keep the confirmation reference. NS&I can repay only after processing your instruction and checking nominated details.
An ISA transfer can take longer because the receiving manager must request the funds.
Late instructions may trigger the default treatment in your maturity letter. An internal NS&I switch may also fail if the destination issue has closed.
Contact NS&I rather than assuming it can backdate a late request.
FAQs
How do I cash in savings bonds that have matured?
Follow the repayment instruction in your maturity letter or online account. Check the nominated bank account before you confirm.
Is it worth having £50,000 in Premium Bonds?
It can suit someone who wants security and access. £50,000 is the maximum holding, but prizes are never guaranteed.
Is NS&I 6.2% still available?
Do not assume it is still available. Check NS&I's current offer and the rate on your maturity notice.
What happens if I do nothing at maturity?
The result depends on your product terms and maturity letter. Check the default treatment before the maturity date.
Can I move an NS&I ISA into another Cash ISA?
Yes, ask the receiving provider to arrange an ISA transfer. Do not withdraw the money first.
Are Premium Bonds safer than a Cash ISA?
Both have UK Government backing with NS&I. Premium Bonds pay prizes, while bank Cash ISAs may have FSCS protection.
- The essentials: a maturity notice is a decision point, not merely an administrative letter.
- The essentials: renewal, repayment, an internal switch and an ISA transfer have different access and tax effects.
- The essentials: protect ISA status by transferring through the new provider rather than withdrawing and reinvesting.
- The essentials: Premium Bonds protect capital but cannot promise the interest paid by a fixed-rate product.
Learn more
Here are some additional resources on this subject:
