Premium bonds

NSI has many problems mainly because its modernisation programme has rumbled on for years without much progress. It never needs to worry about attracting customers as billions are invested each year regardless. They dont have to report to anyone as its a Government institution using its funds to reduce Government debt. They have approx. £4500 million in unclaimed assets (2024) which they appear to do little to return to customers. Of course one of their problems is many customers have died without informing relatives they hold bonds or savings certificates.

I think part of the current problem is not checking all accounts when a relative notifies NSI of a bondholders death. For example when Granny dies you know she held PBs as she told you of her winnings so you tell NSI. You complete formalities, probate if needed, then eventually get the value of her bonds returned. However what Granny didnt tell you is that she had other Savings Certificates, Income Bonds etc with NSI but you didnt tell NSI this so they didnt check. Its this 400+million that needs to be returned to the rightful owners.

There is over £112 million in unclaimed PB prizes mainly due to bondholders not notifying of a change of address or a bondholder dying and not telling relatives they hold any. It should be one of those boxes a Registrar ticks when a person dies so NSI can be notified automatically just like DWP or Passport.

Another issue is withdrawing money from PBs. Many bondholders think they have to log on or ring up (nightmare with AI bot) to cash in. No you dont, there is a simple online form which I have used lots of times without any issues. You dont need to be registered for an online account to use it all you need is your NSI number or equivalent, your address and dob. Then you can choose to cash in all bonds or £1+ from any bond you want.

A word of warning to anyone who receives warrants (cheques) by post - dont - get it paid into the bank. If for any reason a warrant letter is returned to NSI by mistake they mark your account as 'not known' and will not send out any more unless you make contact. Unless you are registered with an email address you will never know you have won. The same applies to Savings Bonds etc which is why they have millions and millions in unclaimed assets funding Government borrowing.

Hopefully the Government will now try and do more to return unclaimed assets to rightful owners but I wouldnt count on it.

To those who say they have had bonds for years but have never won anything, I wonder if anyone has moved house over the years and forgotten to tell NS&I.
This would particularly be relevant for those who have had a fair number of bonds for many decades, maybe from when they were young.
I imagine updating their new address would be an easy thing to overlook after a house move.

I have built mine up gradually over the years and I started to win pretty soon. Ok certainly not every month at the beginning but I never went years without a win even when I only had about a couple of thousand, which makes me wonder why so many people claim to have never won.

NS&I is holding many millions in unclaimed prizes apparently presumably because they are unable to contact the winners.

Not speaking from experience, you understand!! 😁

Well I'm sure it must be my turn soon so I'll let you know...........

pably15

How do you get paid if you win really big, I wouldn't like to miss that knock on the door..

I think the knock on the door comes the day before the results are out. It gets paid straight into your bank account, like smaller wins, I would think.

Not speaking from experience, you understand!! 😁

If we haven't had the knock on the door we still live in hope!

pably
I think they may try again😂
My sister had no problem cashing in her mother in laws bonds when she dies.

How do you get paid if you win really big, I wouldn't like to miss that knock on the door..

Allira

Jaxjacky

Get the app watermeadow find out on draw day.

Are the results available in the actual day?

I check online which is usually two or three days later, depending if it is a weekend or public holiday.

The results are published on the second working day of the month. I have the app. I'm a night owl so frequently check the app at 10 minutes past midnight and get my results. Joy if there is a win, grumpy to bed when there isn't 🤣🤣 So 00:10 on Thursday 2nd April it is!

The tired trope of "the taxpayer will have to pay" is being trotted out again by opposition MPs as if our pockets will be picked to resolve this matter and they has nothing to do with something that has been going on for years.

It's a loan and must be repaid.

It would have been the same if the person had cashed in the bonds themselves but in this case NSI has been negligent.

We all need to check the details if we have NSI savings or investments!

This is a customer service issue, one which happens with many financial institutions (and government departments) when someone dies. I am sure many people have experienced this. I certainly did when my DH died. Institutions behave as if no customer has ever died before and they don’t know what to do.

And while NS&I is somewhat different to a commercial bank it isn’t as if the money isn’t there.

The tired trope of "the taxpayer will have to pay" is being trotted out again by opposition MPs as if our pockets will be picked to resolve this matter and they has nothing to do with something that has been going on for years.

In terms of what the DMO raises in gilt sales, £300 billion for 2025/26, the amount involved in this is peanuts.

NS&I has long been an old-fashioned, clunky organisation to deal with, so it doesn’t surprise me this has happened and I’m glad it’s being resolved but it isn’t the huge scandal the DT is making it out to be.

A spokesperson for NS&I said: “We recognise that dealing with bereavement can be challenging and would like to apologise to anyone who has not received the customer service from NS&I that they should expect, particularly at such a sensitive time.” (The Guardian).

We win something almost every month. Biggest win was £10,000 2 years ago! Used it to take all the family on holiday, money well spent.

The BBC is reporting the story too.

Why are MPs alleging that the taxpayer must pick up the costs? If the “missing” money from deceased estate is in a bank then that’s were it is.

Yes, it is the savings of the deceased and rightfully belongs to their heirs.
Of course, that money was on loan to the Government, not held in an account, and spent, so the Government would have to repay the loan, then presumably retrieve the money from the taxpayer at a future date.

Strange how the failing “date back years” according to the Telegraph but Tories and former Tories notably Mel Stride and Robert Jenrick are up in arms saying Rachel Reeves must explain how this happened.

It seems to include deceased estates and concerns any money held in NS&I not just PBs.

Why are MPs alleging that the taxpayer must pick up the costs? If the “missing” money from deceased estate is in a bank then that’s were it is.

Here is an example this alleged scandal:

archive.is/CP91j

A family was asked to obtain probate to obtain the £50K PB holding from a deceased estate. So what? It’s normal practice. The family claims it had to pay £1,800 in legal fees to access the savings. If someone had £50K in PBs one can probably assume they had other assets that would have needed probate to release.

DT has become as bad as the DM for exaggerating stories into “scandals”.

Looks as though N S &I have mismanaged clients’ monies held on account - see today’s news item - speedy action from Torsten Bell unlike the WASPI case 😡

Jaxjacky

Get the app watermeadow find out on draw day.

Are the results available in the actual day?

I check online which is usually two or three days later, depending if it is a weekend or public holiday.

One extremely lucky devil whose total Premium Bond holdings is just £17 won the top prize of one million some years back!

I love reading facts and figures about Premium Bonds!

There was an interview in the Mail recently with an anonymous Agent Million ( who visits the top two winners) describing folks different reactions on being told they had won.
One woman apparently said she didn’t want it!

Get the app watermeadow find out on draw day.

I’ve won £100 three months running, which is nice but I’m never notified until the 6th or 7th of the month. I’ve had bonds ever since they started and we used to receive a cheque by post, much closer to the start of the month.

Over a year ago I stupidly withdrew money out of my ISAs 'cos the % was rubbish and put it into PBs. I was averaging £125 a month which was OK but for the past 8 months absolute rubbish. However according to these 'are you lucky sites' I am below average which about sums it up.

I have the full amount and get a win most months . £125 this month. DH cashed his in as he went several months without a win . He put them in a stocks and shares isa

I win from time to time but this has reminded me I haven't won for a few months now- maybe due something next month?
Come on, Ernie!

Nothing EVER. Keep trying to cash in, but system not great. Thanks, this has reminded me to call them.

How about a slap up meal with overnight stay - there are bargains out there at around that price (Travelzoo perhaps?)

£200 this month after a dry spell.

My husband has had PB for 40 years and has never won anything.

From one of the links in Graphite's post:

Inflation - This shows how much you need to earn in prizes to keep pace with current inflation rates
CPI at 3.4%£1,70063.6%
RPI at 4.2%£2,10083.9%

I wonder if there is more chance of winning if the premium bonds are in one block rather than bought in small amounts over the years?