Premium Bond black hole as £100m in prizes unclaimed

More than £100 million in Premium Bond prizes remain unclaimed, sparking growing concern that the government-owned bank behind the savings scheme is not doing enough to track down rightful winners.

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Among the 2.5 million unclaimed prizes are 11 worth £100,000 - the second-largest sum available - and hundreds of others ranging from £25 to £50,000. Critics are now calling for a major overhaul of the tracing process amid fears that vital financial lifelines are being lost at a time when households are struggling.

Patrice Lawrence, a wills and probate solicitor who has helped seven people recover long-lost accounts, said: "It is shocking that a government-owned bank is sitting on over £100m in unclaimed prizes... [and] how many people are being deprived of some financial respite from the cost of living crisis as a result?"

National Savings and Investments (NS&I), which operates the tax-free draw, says it has paid out more than 99% of prizewinners since the scheme began in 1957. Yet it concedes that Premium Bonds bought before the digital era - and held only on paper - can be far harder to trace.