Over £100 million in Premium Bond prizes left unclaimed: Are you a lucky winner?

It’s not too late to claim your money if you find out you’ve won a prize on NS&I’s Premium Bonds.

More than 2.6 million Premium Bonds prizes are waiting to be claimed by savers, with these unclaimed prizes totalling more than £105 million. This sum includes several £100,000 prizes, the second-highest amount available.

At the end of 2024, there was just over £92 million left unclaimed, which means many savers who have won prizes as recently as this year could be owed a significant sum of cash.

What are Premium Bonds?

Premium Bonds are a form of savings product by the Government-backed organisation National Savings and Investments (NS&I). Unlike standard accounts that pay interest on your money, you are entered into a monthly prize draw to win tax-free cash prizes ranging from £25 to £1 million. Read more on savings accounts vs Premium Bonds.

Even though NS&I should let people know if they have won a prize, whether it’s £25 or the £1 million jackpot, winners may not know about it if they’ve moved house and haven’t updated their contact details, for example.

Savers who chose to have their winnings paid by cheque (instead of into their bank account or reinvested back into buying more Premium Bonds) may also be more likely to have unclaimed prizes.

“While Premium Bonds are a fun, unconventional way to win some tax-free cash, the reality is that it is a game of chance, and the majority of savers may not even win a prize,” Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, commented.

“They sometimes also rely on investors to claim these prizes,” she added, pointing out that “it is crucial that savers keep their contact details up to date” so they don’t miss out on any winnings.

Tracking down prizes

If you have your Premium Bonds holder number or NS&I number, the easiest way to check if you are owed a prize is by using NS&I’s online prize checker or the prize checker app.

However, if you don’t know these numbers and can’t find them on any documents, you can still track down Premium Bonds and claim any prizes you may have won. You will need to contact NS&I with as much information as possible so they can find your Bonds, confirm they are yours and check for any prizes.

This process is likely to be harder if you’re tracking down old Premium Bonds that weren’t purchased online, whether they are in your own name or a deceased relative’s name, for example.

As Premium Bonds were launched back in 1956, there could be lots of savers who took out paper Bonds by post or in-person, for example, and have since misplaced their documents, or savers who were given some Bonds as a gift without knowing the full details. But, even though it can be more difficult for NS&I to trace these Premium Bonds, it isn’t impossible.

Crucially, it’s important to note that there’s no expiry date on Premium Bond prizes, which means it’s always worth following up if you think there’s a chance you may have Premium Bonds as you could be owed a cash prize.

In the 2024-25 financial year, NS&I said that savers successfully tracked down more than £120 million in Premium Bond savings and unclaimed prizes using NS&I’s tracing service or My Lost Account.

“These figures are a timely reminder to update your details, talk to your loved ones about your savings and make sure your money stays firmly in your hands, both now and in the future,” Andrew Westhead, NS&I’s Retail Director, urged.

How to find lost Premium Bonds

For more detailed information on how to track down Bonds (and how to ensure you don’t miss out on any winnings in the future), see our guide on finding lost Premium Bonds.

Luck vs guaranteed returns

Even if you know your Premium Bonds details and regularly check if you’ve won, it’s worth thinking about whether you would be better off moving your money to a different savings product.

The Premium Bonds prize fund rate fell to 3.60% from the August draw, which means savers are even more likely to get a better return on their money elsewhere. Indeed, Eastell points out that the prize fund rate “doesn’t even out-pace inflation”.

By contrast, the top easy access savings accounts pay in excess of 4.50% AER or, for a guaranteed return, the top fixed savings accounts can pay just below 4.50% AER.

While Premium Bonds offer lucky savers the chance to win big and earn more money than if their money was in a standard savings account, many people will only win small prizes, or potentially not win anything at all. These latter savers are likely to have got a better return on their money by putting it in a competitive savings account instead.

One of the attractions of Premium Bonds is that any prizes you win are exempt from tax, which could make them appealing to savers who are at risk of paying tax on their savings interest. However, savers can also receive tax-free returns on their money by depositing it into an ISA, with the top easy access ISAs paying above 4.50% AER.

Alternatively, if the chance to win cash in a prize draw is appealing, savers could consider some other alternatives to Premium Bonds.

Compare savings and ISAs

See an up-to-date list of the best interest rates available on our savings chart. Or, to benefit from tax-free returns, visit our ISA charts.