**Millions in Premium Bond Prizes Go Unclaimed: Savers Urged to Update Details**
Premium Bond holders across the UK are being strongly encouraged to check their personal information after new figures revealed that more than £103 million in prizes remain unclaimed. The figure, released by National Savings and Investments (NS&I), highlights a persistent issue with thousands of bondholders failing to secure winnings—some worth life-changing amounts.
According to NS&I, over 2.5 million Premium Bond prizes are currently sitting unclaimed, ranging from modest sums to eleven remarkable jackpots each worth £100,000. Several further major prizes, including 19 at £50,000, 38 at £25,000, and 75 at £10,000, are also reportedly awaiting collection. Many recipients appear to have no idea they are sitting on such windfalls, often due to outdated personal information or lost links with their accounts.
Personal finance experts warn that this situation is not uncommon. Sarah Coles, Head of Personal Finance at financial services firm Hargreaves Lansdown, emphasised the importance of staying on top of account details, especially after moving house. She noted, “Eleven people in the UK have £100,000 with their name on it—just sitting in the vaults at NS&I, gathering dust. These are part of an eye-watering £103 million in unclaimed prizes, so it’s well worth checking if you could be a winner.”
Coles explained that one of the main causes for missing out includes not updating addresses or contact details after moving. “It’s not just Premium Bonds where money gets lost,” she said, “but also savings, investments and even pension funds. People often forget to inform every financial provider after a house move, which leads to separation from their assets.”
She recommends making a checklist after a move to methodically update all companies with your new details. This step, she suggests, could not only help recover lost prizes but also avoid headaches across a variety of personal financial accounts. Consolidating holdings, where possible, may also make account management simpler.
The majority of Premium Bond prizes—almost 90%—are now paid directly into the winners’ bank accounts, or automatically used to purchase more bonds, reducing the risk of money going astray. However, there remains a sizable minority who still rely on other methods, such as physical prize cheques, which can be more easily mislaid or overlooked.
For those unsure whether they are among the winners, NS&I provides several routes to check. The official website features a comprehensive prize checker tool. NS&I also offers a tracing service, accessible via an online form, for those struggling to recall their bond information. The joint ‘My Lost Account’ service is another way for individuals to reconnect with dormant accounts and potential winnings.
This push for awareness follows a recent milestone for NS&I, which, through tracing efforts and collaboration with ‘My Lost Account’, has successfully reunited over £166 million with rightful account holders from more than 52,000 accounts. These recoveries underline the significant sums at stake.
As interest in Premium Bonds endures, driven by the allure of tax-free prizes and the chance of a big win, NS&I is calling on all bondholders to take a moment to check their details and ensure they are not missing out. The process of claiming prizes remains open-ended, with NS&I setting no time limits on when bonds can be cashed or prizes collected.
With so many substantial prizes still unclaimed, the message from financial authorities and NS&I is clear: check your records, update your contact information, and perhaps discover you’re already a winner.