National Savings and Investments (NS&I) has uncovered a jaw‑dropping £106 million in unclaimed Premium Bonds prizes as of September 2025. The figure, first highlighted by MoneySavingExpert.com, applies to anyone who bought bonds since 1971 and never checked the monthly draws. Blackpool, Lancashire‑based NS&I, which is backed by HM Treasury, stresses there’s no time limit on claims, even for deceased holders.
Why the £106 million matters
For a savings product that markets itself as a tax‑free lottery, leaving six‑figures of cash on the table is more than a statistical curiosity – it’s a hidden wealth reservoir for millions of Britons. The unclaimed pot accumulates every month because the odds of a single bond winning any prize sit at roughly 22,000 to 1. Over the decades, that adds up, especially when people forget to log in to the online checker or assume a bond has “expired”.
According to NS&I’s August 2025 data, the prize‑fund rate sits at 3.60 % (variable), a modest bump from the 3.8 % rate introduced in April 2025. Even with that increase, the average saver who holds the maximum £50,000 stake expects a median return of about 3.3 % – roughly £1,650 a year – while most low‑level investors earn nothing at all.
How Premium Bonds work – and why they’re easy to forget
Premium Bonds are essentially a government‑backed lottery. You buy a bond for a minimum of £25, up to a personal limit of £50,000, and each £1 unit receives a unique number. Every month ERNIE – the Electronic Random Number Indicator Equipment – draws numbers to award cash prizes ranging from £25 to £1 million.
The bulk of the pot – about 80 % – consists of the small £25, £50 and £100 prizes. In August 2025 alone, NS&I handed out nearly 5.95 million of those tiny wins. Larger cash prizes, like the 80 awards of £100,000 and 158 of £50,000 in July, are rarer and can disappear from the schedule when the prize‑fund rate is tweaked.
Claiming lost prizes – a step‑by‑step guide
If you think you might have a forgotten win, the process is surprisingly straightforward. Below is the typical route a claimant follows:
- Gather your bond holder number and any supporting identification (passport, driving licence, etc.).
- Visit the NS&I online prize checker and enter the holder number. No registration is required.
- If a prize is flagged, log in to your NS&I account to confirm the details and choose a payment method.
- For deceased bondholders, you’ll need a death certificate, proof of executorship, and a completed claim form – the paperwork is outlined on the NS&I help page.
- Once approved, the cash is transferred to the nominated UK bank account within a few business days.
Both TrustEstate.co.uk and the NS&I customer agreement (effective 30 June 2025) note that bonds can stay active for up to 12 months after the owner’s death, continuing to earn eligibility for prizes during that window.
Impact on savers and the wider economy
From a macro perspective, the unclaimed money is essentially a dormant asset pool that could inject liquidity back into households. For retirees on fixed incomes, a forgotten £1,000 could fund a few months of groceries or a short‑term holiday.
Financial advisers, such as those at MoneySavingExpert.com, argue that the sheer scale of unclaimed prizes reflects a broader behavioural bias: people treat Premium Bonds like a bank account and forget the lottery component. The agency suggests a yearly “check‑up” – similar to a credit report – to avoid missing out.
What’s next for Premium Bonds?
The next draw is slated for 1 November 2025, and the unclaimed total will likely inch higher unless a concerted awareness push takes hold. NS&I has hinted at new digital tools, including push notifications for winners, but no firm timetable has been announced.
Meanwhile, the Treasury is reviewing whether the current 3.8 % prize‑fund rate remains attractive compared with other low‑risk savings products. Any shift could reshape the odds and potentially thaw the frozen prize pool.
Key facts at a glance
- £106 million in prizes unclaimed as of September 2025.
- Unclaimed amount covers bonds bought since 1971.
- Prize‑fund rate: 3.60 % (variable) – up from 3.8 % earlier in the year.
- Odds of any bond winning a prize: ~22,000 to 1 per month.
- No time limit on claims, even for deceased holders.
Frequently Asked Questions
How can I check if I have an unclaimed Premium Bonds prize?
Visit the NS&I website and use the free prize‑checker tool. You’ll need your bond holder number – no account registration is required – and the system will instantly tell you if any of your numbers have won.
What documentation is needed to claim a prize for a deceased relative?
You’ll have to provide the death certificate, proof you are the executor or next‑of‑kin, and a completed claim form. NS&I will also ask for identification of the claimant.
Why do so many prizes go unclaimed?
Most bondholders treat the product like a savings account, ignoring the monthly draw. Small prizes (£25‑£100) are especially easy to overlook, and older holders may have changed contact details without updating NS&I.
Does the prize‑fund rate affect my chances of winning?
No – the rate determines how much money is allocated to prizes each month, not the odds. The odds remain around 22,000 to 1 per £1 bond regardless of the rate.
Will the Treasury change the Premium Bonds structure?
The Treasury is reviewing the prize‑fund rate to keep Premium Bonds competitive. Any policy shift would be announced by NS&I, but as of now no concrete changes have been confirmed.