In total, 2.5 million prizes remain unclaimed, including 11 pots worth £100,000 – the second-largest offering.
National Savings and Investments is telling customers to come forward to claim £100m in Premium Bond prizes. In total, 2.5 million prizes remain unclaimed, including 11 pots worth £100,000 – the second-largest offering.
NS&I is being urged to make it easier for customers to claim – amid warnings it is “shocking” how a Treasury and Labour Party government institution is sitting on huge pots of cash it doesn’t technially own.
Caitlyn Eastell, of Moneyfactscompare.co.uk, said in a warning for holders of Premium Bonds this week: “While Premium Bonds are a fun, unconventional way to win some tax-free cash, the reality is that it is a game of chance, and the majority of savers may not even win a prize.
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“They sometimes also rely on investors claiming these prizes, meaning there is currently over £100m left unclaimed.
“To avoid missing out on any winnings, it is crucial that savers keep their contact details up to date.”
“There is no need to panic if savers have forgotten or lost their Premium Bonds,” Ms Eastell went on and said.
She continued, saying: “Any unclaimed prizes can be easily checked using NS&I online prize checker or the prize checker app using a unique holder or NS&I number.”
Sarah Coles, of Hargreaves Lansdown, said: “A major part of the problem is that people don’t know to search for them.”
Ms Coles added: Even if they think they may have Premium Bonds, they often don’t know how to look for them. It can also take some time, which is frustrating if you need the money quickly.
“There’s an enormous stack of cash sitting in NS&I vaults gathering dust.” Wills and probate solicitor, Patrice Lawrence, has also spoken out as he led the criticism.
Patric told the BBC: “It’s shocking that a government-owned bank is sitting on nearly £100m that doesn’t belong to it during a cost of living crisis.”
An NS&I spokesman said in a statement amid the furore after the figures emerged this week: “Opting to have Premium Bonds prizes paid directly into a bank account or reinvested into more Premium Bonds reduces the chances of prizes going unclaimed.
“Nine in 10 prizes are already paid this way. We want to reunite Premium Bonds holders with their winnings and would encourage people to use our prize checker app, the help available online and through our call centre on how to trace their funds.”