NS&I Issues Urgent Alert to Premium Bonds Customers
National Savings and Investments (NS&I) has issued an urgent call to action for Premium Bonds customers, particularly those who have held bonds since 2006, to check their accounts for unclaimed prizes following the latest monthly draw. This alert comes as a significant number of prizes remain unclaimed, highlighting a widespread issue among savers.
Massive Unclaimed Prize Pool Revealed
According to NS&I, there are currently 2,713,707 unclaimed prizes worth a staggering £114,769,950 waiting to be collected by bond holders. The organization emphasizes that while over 99% of prizes have been paid out since the draw began in 1957, a substantial amount remains untouched, often due to customers not realizing they have won.
NS&I stated: "Customers who think they may have an unclaimed prize, defined as prizes over 18 months old, can check by entering their holder’s number into NS&I’s online prize checker or the prize checker app." This digital verification process is designed to make it easier for holders to access their winnings without delay.
Recent Winners Highlight the Potential Rewards
In the February draw, notable winners included a bond holder in Greater London who secured a £100,000 prize from just a £700 holding. The winning bond, numbered 106JY501812 and valued at £100, was originally purchased in February 2006, demonstrating how long-held investments can yield significant returns.
Similarly, a saver in East Sussex won £100,000 despite holding only £1,706 in total. Their successful bond, numbered 498FZ384823 and worth £150, was bought more recently in April 2022, showing that newer holdings can also lead to big wins.
Expert Insights on Premium Bonds
Tom Francis, the head of Digital Advice at Octopus Money, provided a critical perspective on Premium Bonds. He said: "Premium Bonds give you a chance to win big – but it’s a slim one, and you’ll likely be left waiting. Our research shows Premium Bond holders wait an average of 3.5 years before they win a penny, and the odds are skewed towards those with the biggest holdings: 94 per cent of jackpot winners held over £10,000."
Francis added that for many everyday savers, Premium Bonds may not deliver adequate returns, especially with inflation eroding value. He suggested alternatives like Cash ISAs for reliable returns or Stocks and Share ISAs for those interested in investing.
Valentijn Bakker, Editor of Nieuwe Casino, offered a more optimistic view: "The Premium Bond winners this month took a safer investment approach at a time when saving money is paramount and saw their patience rewarded. Premium Bonds are a low-stake, high-reward way of investing money that requires a bit of luck, but can provide plenty of excitement along the way."
Key Takeaways for Savers
- Check your NS&I account regularly using the online prize checker or app to avoid missing out on unclaimed prizes.
- Be aware that prizes over 18 months old are considered unclaimed and may require proactive verification.
- Consider the odds and potential returns of Premium Bonds compared to other savings and investment options.
- Remember that while Premium Bonds offer excitement and the chance for high rewards, they may not suit everyone’s financial goals.
This alert serves as a timely reminder for all Premium Bonds holders to stay vigilant and ensure they are not overlooking potential winnings, particularly if they have been investing since 2006 or earlier.
