Published: 06/12/2018

At a glance

  • Premium Bonds are savings vehicles provided by National Savings and Investments (NS&I).
  • They don’t earn interest, but instead each bond is entered into a monthly prize draw with the chance to win prizes of up to £1 million.
  • However, bonds can easily be lost – there are over 1.5m unclaimed prizes, according to NS&I, valued at more than £60 million.
  • Lost track of your bonds and wondering if you’re due a windfall? Here’s how to find them.

Don't panic if you have not claimed your Premium Bonds

Use your holder number

Moneyfacts Tip

Moneyfacts tip Leanne Macardle

Premium Bond prizes are paid entirely tax-free, but bear in mind that although NS&I sets an annual prize fund interest rate – which is currently 1.40% – there’s no guarantee of achieving that kind of return. The odds of winning for each £1 Bond number currently stand at 24,500 to 1, so if you’d like better odds and still want completely tax-free returns, you may want to consider a cash ISA instead.

Tracing your bonds

Alternatives to Premium Bonds

If you are looking for guaranteed returns then you should consider a traditional savings account. Depending on how much you're looking to put away, why not have a look at the top fixed rate bonds, ISAs or even a stocks and shares ISA

 

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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At a glance

  • Premium Bonds are savings vehicles provided by National Savings and Investments (NS&I).
  • They don’t earn interest, but instead each bond is entered into a monthly prize draw with the chance to win prizes of up to £1 million.
  • However, bonds can easily be lost – there are over 1.5m unclaimed prizes, according to NS&I, valued at more than £60 million.
  • Lost track of your bonds and wondering if you’re due a windfall? Here’s how to find them.

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