NS&I explains how to receive Premium Bonds winnings ‘faster’ | Personal Finance | Finance

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NS&I has explained how Premium Bonds savers can receive their prizes “faster and more securely” as millions of pounds are currently going unclaimed.

According to the savings institution, 2,399,977 unclaimed prizes worth £83,367,525 are still waiting to be snapped up.

Lucky bondholders are typically notified when they win a Premium Bonds prize, however, some people may move or change their contact details without updating NS&I, which can lead to unclaimed prizes.

This is particularly apparent for those who opt to receive prizes via cheque.

NS&I savers can win sums worth anything between £25 and £1million every month through randomly generated prize draws, so it’s worth people taking steps to make sure the money can hit their accounts.

Explaining a better way to receive prizes to avoid missing out, NS&I said: “To receive prizes faster and more securely, customers can opt for automatic bank deposits or reinvestment into more Premium Bonds, which is how 90 percent of prizes are paid to winners.

“This is quicker and more secure than waiting for a cheque.”

Those who opt for this will be informed by email or text message if they win. The prize money will then be deposited straight into their bank account by the seventh working day of the month.

It added: “Customers who may have an unclaimed prize can easily check using NS&I’s online prize checker or the prize checker app.”

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 just 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.