NS&I premium bonds: £74million is lost in unclaimed cash – how to check if you’ve won

Martin Lewis outlines how Premium Bonds work

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The Premium Bond lottery makes two new millionaires every month while thousands of other people win prizes of £25 and up. However, millions of Britons could be owed money as £74million hasn’t been claimed since the first premium bonds were bought in the 1950s.

In Scotland there are more than 120,000 winners who still haven’t come forward to check if they’ve won.

Premium Bonds are a popular savings option for Britons although there’s no guarantee of winning.

Anyone who has bought Premium Bonds in the past should check the NS&I website or download the free app.

Some of the unclaimed prizes date back to when the scheme first started in 1957.

People could be owed cash anywhere between £25 and £100,000.

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The Government backed savings provider has just changed the interest rate on its Green Savings Bonds.

The product now pays 1.30 percent gross/AER fixed-rate over a three-year term to all bond holders.

When it was first launched in 2021, the Green Savings Bond had a 0.65 percent gross/AER rate.

Any money invested into this savings product will be used to pay for climate-friendly initiatives.

Prize results from the Government backed savings provider show that people are more likely to win if they live in the South West.

Six people from the region won the £1million jackpot last year.

In 2021, the South West scooped up a quarter (25percent) of the £1million jackpots.

That’s despite the fact that they owned just 12.9percent of all Premium Bonds to start with.

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Meanwhile, some people believe that bonds bought closer to the draw are more likely to win.

However, this theory has been dismissed by NS&I.

It states that each bond has an equal chance of winning – no matter when, or where, it was bought.

The winners are drawn on the 1st of every month, so the next British millionaires will be announced on March 1 2021.

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