More than £105 million in Premium Bond prizes remains unclaimed by savers across the UK, with 2.6 million prizes still waiting to be collected — including 11 worth £100,000, according to new figures from National Savings and Investments (NS&I).
The Treasury-backed savings institution confirmed that over 140 of the unclaimed prizes are valued at £10,000 or more, while the majority — more than 1.8 million — are for the minimum £25 prize.
Alongside the 11 unclaimed £100,000 prizes, there are also 19 prizes worth £50,000, 38 of £25,000, and 75 of £10,000 that have yet to be claimed by their lucky winners.
Are you one of the 2.6 million missing out?
Premium Bonds function like a lottery. Each £1 bond is assigned a unique number entered into monthly prize draws, with winnings ranging from £25 to two £1 million jackpots each month. All prizes are tax-free.
Prizes are classified as “unclaimed” if they remain untouched after 18 months, although there is no time limit on claiming. Some data in NS&I’s records goes back to 1957, when Premium Bonds were first introduced.
According to NS&I, many savers have their winnings automatically reinvested into more Premium Bonds (up to the £50,000 per person limit), or paid directly into a nominated bank account. Those with these systems in place are unlikely to have any unclaimed prizes.
However, the most common reason for unclaimed prizes is outdated contact details, particularly where cheques have been returned due to customers moving house without updating their NS&I records.
“Eleven people in the UK have £100,000 with their name on it, just sitting, collecting dust,” said Sarah Coles, head of personal finance at Hargreaves Lansdown.
“It really is worth checking whether you’ve already won big. It’s not just Premium Bonds — vast sums in savings, investments and pensions go astray this way. Admin is kryptonite for many people.”
How to check if you’re owed money
NS&I encourages anyone unsure whether they still hold Premium Bonds to use its free tracing service. Bondholders can check using:
• The NS&I website
• The NS&I app
• A printed tracing form
• A letter with personal details submitted by post
If your details are up to date, NS&I will contact you if you win a prize. If not, you may have to initiate the tracing process.
You can also use the My Lost Account service, operated by NS&I in partnership with UK Finance and the Building Societies Association, to locate forgotten accounts and savings. However, this process can take up to 90 days.
“These processes can take time and require a lot of personal details, especially for older accounts,” said Coles. “Bear in mind that some of these date back nearly 70 years.”
Are Premium Bonds worth it?
Premium Bonds offer an “effective interest rate” — the average return based on all prizes awarded. This currently stands at 3.6%, having been cut from 3.8% for the August draw. However, this rate is skewed by larger prizes. Many bondholders may win nothing at all, particularly if they hold small amounts.
Other easy-access savings accounts offer higher guaranteed returns, including Chip at 5% (first year only) and Trading 212’s Cash ISA at 4.87%, both of which offer tax-free interest.
However, for higher earners or those who have maxed out their ISA allowance (£20,000) and personal savings allowance, Premium Bonds remain a tax-efficient option.
Basic-rate taxpayers can earn up to £1,000 in interest tax-free; higher-rate taxpayers can earn £500; additional-rate taxpayers receive no savings allowance, making Premium Bonds a useful tool for sheltering cash from tax.
