A staggering number of Premium Bond prizes have gone unclaimed with the result millions of Britons are missing out on tax free windfalls worth up to £100,000.
There are currently as many as 2,448,758 prizes that are uncollected with a value of £87.3 million, according to NS&I data collated by experts at Which?
Six prizes with a life-changing windfall of £100,000 are among the list that people are missing out on, along with as many as ten for £50,000.
The figures are startling given the electronic financial footprint that everyone who buys a Premium Bond has with most of the bonds purchased through accounts held with major banks and building society.
In theory, National Savings & Investments (NS&I) will write to winners by letter or email, but it seems these are failing to ensure all the winners come forward.
Which? said: “A prize is recorded as unclaimed if you haven’t come forward after 18 months. The oldest unclaimed prize is from November 1957, the prize is £25 and belongs to a bond holder from the east of the UK.
“Even if you’ve withdrawn your premium bonds, it’s worth checking for potential winnings as NS&I confirmed winners have between £0 and £50,000 invested.
“Although most unclaimed prizes are small, £25 being the most common, there are still six £100,000 prizes waiting to be claimed.”
The consumer champion added: “NS&I will write to you by letter or email every time you win a premium bonds prize. These alerts, however, can get lost if you move home or change your email address without updating your NS&I account.”
As a result, it said the best way to avoid a prize going unclaimed is to opt to automatically receive your winnings via bank transfer or reinvestment.
Unclaimed prizes worth £5,000 or more
Premium bond prize Number unclaimed
£100,000 6
£50,000 10
£25,000 19
£10,000 54
£5,000 116
Which? guide on how to check for unclaimed prizes
* Call or seek help online Anyone registered for online and telephone banking with NS&I can call or use its online chat service to request someone to look for unclaimed prizes.
Use the online prize checker tool This is available via the NS&I website and mobile app. Use it to find out if you’ve been lucky the day after the draw and, at any time, check for any unclaimed prizes owed. You’ll need to enter your holder’s number, which will be quoted on previous correspondence you’ve received about your premium bonds.
* Write to NS&I You can post a letter asking NS&I if you are due a prize. You’ll need to include your name, holder’s number and current address, as well as any previous names or addresses your premium bonds might have been registered to. You should also include your signature. Send this letter to: NS&I, Sunderland, SR43 2SB.
