CashNews.co
NS&I has explained the “best way” Premium Bonds savers can check if they’ve won a prize as millions of pounds are currently going unclaimed.
According to the savings institution, 2,473,761 unclaimed prizes worth £89,696,075 are still waiting to be snapped up.
NS&I savers can win sums worth anything between £25 and £1million every month through randomly generated prize draws, so it’s worth people checking their numbers.
Premium Bonds winners are usually notified when they win a prize, but if they move or change their contact details without updating NS&I, prizes can go unclaimed.
Explaining the best way to check for prizes to avoid missing out, Dax Harkins, NS&I chief executive, said: “With millions of prizes drawn monthly, Premium Bonds remain a popular way to save while continuing to offer the thrill of potential tax-free wins. Remember, the best way to check if you’ve won this month is by using our app, website, or Alexa.”
The quickest way to check for unclaimed prizes is to use NS&I’s online prize checker or the NS&I prize checker app.
Customers will only need their Premium Bonds holder’s number or NS&I number.
November saw two winners in Warwickshire and Cornwall snap up NS&I’s maximum £1million prizes.
In just these two areas, there are currently 17,129 unclaimed prizes worth £600,975 in Warwarkshire, while 20,530 prizes with a total value of £724,075 are waiting to be claimed in Cornwall.
The largest unclaimed prize in Warwickshire is worth £10,000 from the January 2005 draw.
While in Cornwall, the largest unclaimed prize is £25,000 from the September 2019 prize draw.
According to NS&I, the “fastest” and “more secure” way to receive prizes is to opt for automatic bank deposits or reinvestment into more Premium Bonds, which is how 90 percent of prizes are handled.
Customers can find instructions on how to change payment preferences here.
Another way customers can prevent prizes from going unclaimed is to ensure they constantly update NS&I with any changes to their details, such as their email address, phone number, name or address.
NS&I is among the UK’s largest savings organisations, backed by HM Treasury, and serves over 24 million customers with a variety of savings and investment options.
All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax.