MORE than £100m in Premium Bond prizes has not been claimed, with critics saying the tracing process needs reform.
BBC reported that among 2.5 million unclaimed prizes are 11 worth £100,000, the second-largest prize.
Premium Bonds, run by National Savings and Investments (NS&I), are lottery-style, government-backed savings accounts where returns depend on monthly draws. Since 1957, NS&I has awarded 772 million prizes worth £37bn, with every £1m jackpot claimed.
Wills and probate solicitor Patrice Lawrence, who has helped clients trace accounts, said: "It's shocking that a government-owned bank is sitting on nearly £100m [in unclaimed prizes] that doesn't belong to it during a cost of living crisis."
NS&I retail director Andrew Westhead said older bonds bought before digitisation were harder to trace. He noted unclaimed prizes represent just 0.28 per cent of total awards and said information is available online and through call centres.
As of March 2025, there were nearly 23 million Premium Bond accounts worth £130bn. NS&I has carried out 781,576 traces, finding value in 443,806 accounts, reported BBC. The oldest unclaimed prize is £25 from November 1957.
Some customers relocate without updating details, while others may be unaware they were gifted bonds. Melanie Clarke, whose late father Hugo was part of the Windrush generation, is in a weeks-long exchange with NS&I to trace her family’s bonds.
Consumer group Which? Money and BBC money expert Iona Bain said NS&I must simplify the process. Lawrence has launched a petition calling for reforms.
