NS&I has explained the “best way” Premium Bonds savers can receive their prizes as millions of pounds are currently going unclaimed.
According to the savings institution, 2,433,843 unclaimed prizes worth £86,076,800 are still waiting to be snapped up.
NS&I savers can win sums worth anything between £25 and £1 million every month through randomly generated prize draws, so it’s worth people checking their numbers.
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.
This is especially common for those who choose to receive their prizes by cheque.
Explaining a better way to receive prizes to avoid missing out, Andrew Westhead, NS&I retail director, said: “The best way to receive prizes hassle-free is to have them paid direct to your bank account, or automatically reinvested into more Premium Bonds.”
Those who choose this option will be notified by email or text if they win, and the prize money will be deposited directly into their bank account by the seventh working day of the month.
NS&I said: “Nine in 10 prizes are already paid in this way and it’s quicker and more secure than waiting for a cheque.”
How to check for unclaimed Premium Bonds prizes
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.
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.
