People in Kent could be missing out on life-changing sums of money as 67,000 Premium Bond prizes remain unclaimed, new figures reveal.
The saving products are an investment where, rather than earning interest or a regular dividend income, bondholders are entered into a monthly draw where they can win between £25 and £1 million tax-free.
But figures from National Savings and Investments (NS&I) – the government-owned bank behind the scheme – reveal a staggering 67,480 prizes in Kent, worth a combined £2,566,300, have not yet been claimed.
The largest single unclaimed amount in the county is a cool £50,000, while the oldest dates back to 1964 – a £25 win that has been gathering dust for more than six decades.
Nationwide, more than £100 million is waiting to be collected by more than 2.5 million lucky winners, including 11 prizes worth £100,000 – the second largest prize on offer.
While NS&I says it has paid out more than 99% of all prize winners since the scheme began in 1957, critics say the process for tracing old accounts is unfit for purpose.
Wills and probate solicitor Patrice Lawrence says she has helped multiple people uncover forgotten accounts.
“It’s shocking that a government-owned bank is sitting on over £100 million in unclaimed prizes,” she said.
“How many people are being deprived of some financial respite from the cost-of-living crisis as a result?”
Premium Bonds have long been a popular savings option in the UK, especially among parents and grandparents gifting them to children – often with little follow-up or record-keeping.
Before the digital era, account holders received paper certificates, making tracking down winners difficult.
Consumer group Which? has called for NS&I to modernise its approach by joining post-death notification services like the government’s “Tell Us Once” scheme.
NS&I insists all £1 million winners have received their prizes, and that its electronic draw machine – affectionately known as ERNIE – has handed out 772 million prizes worth £37 billion since 1957.
But for tens of thousands in Kent, a small fortune could still be waiting.
To find out if you have an unclaimed prize, log in to the NS&I website here.
