Premium Bonds are overseen by NS&I, and have been operating for a number of decades. The lottery bond system has created numerous millionaires and other high-value prize winners. This month proved no different, and the most recent results have just been released – with two more millionaires created. However, what is so distinct about October’s lucky winners is that both of these individuals purchased their winning Premium Bonds in 2021 – mere months ago – one in January and the other in February.

The NS&I phone line is open “all day, every day” meaning the purchase can be made whenever it suits the person.

Similarly, though, individuals will need to provide their debit card details for the payment to be processed and the Bonds purchased.

Buying Premium Bonds by post is still also a way to complete the process, and this may suit those who want a more traditional approach.

All people will need to do is complete an application form and send it to the organisation, with a cheque payable to NS&I.

However, there are rules which are worth bearing in mind if this course of action is followed.

NS&I explains: “Until the child’s 16th birthday, the parent or guardian named on the application looks after the Bonds, regardless of who bought them.

“We’ll send confirmation of any transactions made, prizes won and payment for cashed-in Bonds to the nominated parent or guardian until the child is 16.”

If someone is buying for their own child or someone they are a legal guardian over, then they can apply online, by phone or via post.

Buying for someone else’s child, however, can be done online or by post. Individuals can then ask NS&I to send an electronic or paper gift card to pass on to the child. But it still remains that only the nominated parent or guardian in this case will be able to manage and cash in the Bonds.

Before applying in this way NS&I encourages the purchaser to check the parent or guardian is happy with the idea of Bonds and looking after them.

Identities will be checked, and in some cases, documentation will be needed to provide evidence such as date of birth and address.