1 week Ago By Paige Beresford
OVER £8million worth of Premium Bond prizes in Scotland have not yet been claimed, it has been revealed. Latest figures from National Savings and Investments (NS&I) have shown that thousands of Scots could be missing out on lost cash after not claiming their winnings. 1 Thousands of Scots have not yet claimed their Premium Bond prizes Credit: Alamy A total of 236,585 Premierm Bond prizes worth £8.
15million are sitting unclaimed in Scotland , meaning thousands could be sitting on a hidden goldmine. Premium Bonds are the UK’s most popular savings product and are held by around 24 million people. Instead of giving savers a regular interest rate, they are entered into a monthly prize draw which gives them the chance to bag a cash prize worth between £25 and £1 million.
Each £1 that is put in Premium Bonds is the equivalent of an entry into the monthly prize draw. READ MORE IN MONEY 'SO SAD' 'Gutted' cry brides as Scots wedding shop announces closure & launches huge sale AD CHOC Chocolate lovers rush to bargain store as Brits' favourite bars scan for just 79p Most people opt to have any prizes paid directly into their bank account , which means they are notified by text or email if they have won a prize. This is also the case for those who choose to have their winnings reinvested to buy more bonds.
The best way to ensure you get your winnings is to have them paid directly into your bank account Andrew Westhead NS&I Retail Director However, this may not be the case with older bonds or those who have lost track of their accounts. This can happen if you change any personal details, get a new phone number, or even move house and could mean that they miss messages from NS&I. Most read in Money 'SO SAD' 'Gutted' cry brides as Scots wedding shop announces closure & launches huge sale JACKPOT JOURNEY I won the lottery.
.. then found out I'd have to travel 10 HOURS to get prize SHOP TO IT 'Brilliant' say shoppers as major retailer to bring back price match TOMORROW SO COSY Primark shoppers rave about 'soft' winter essential scanning for £6 instead of £14 This can cause unclaimed winnings to build up, and NS&I are urging everyone to check if they are due to claim a prize.
Figures show that there are a total of 2,448,758 prizes with a value of £87,318,950 across the UK sitting unclaimed. People share how they would spend a Premium Bond prize if they won Among these are six prizes worth £100,000 each, ten worth £50,000 each, and 19 worth £25,000 each. A further 54 lucky savers are missing out on prizes worth £10,000 each and 116 prizes worth £5,000 each are also waiting to be claimed.
Nearly 1.9 million Premium Bond-holders are due £25 each, NS&I said. Andrew Westhead, NS&I Retail Director, said: “The best way to ensure you get your winnings is to have them paid directly into your bank account.
“If you think you have some Premium Bonds but you're not totally sure, our Tracing Service can help you find out." The easiest way to check if you are due to claim a prize is by downloading NS&I’s Prize Checker App. Just enter your NS&I number and it will reveal if you have winnings worth any amount between £25 to £1 million.
You can also use the app to check if you won anything this month, in the previous six draws or if you have any older prizes you have not claimed. How likely am I to be a winner? THE chance of winning a prize, with an individual bond, is 34,500 to one. Each bond has an equal chance of winning and the more you buy, the more your chances improve.
NS&I says its annual prize fund interest rate is 1% which it calculates by working out the mean rates of return per bond purchased. But research from MoneySavingExpert found that most people earn is significantly less than this headline rate, with plenty of savers earning nothing at all. Most Premium Bond savers will find that their investments fail to keep pace with inflation, but it's hard to find savings accounts that beat inflation too .
You can check your odds depending on how many bonds you have and how long you'll keep them using this helpful calculator from MoneySavingExpert . That makes it easier to see if Premium Bonds are right for you, or if you'd be better off with other forms of savings. It's also worth noting that Premium Bond winnings are tax free.
Anyone who has used up their annual ISA limit and the personal savings allowance might want to look at Premium Bonds for savings. If you have lost track of your accounts, then you can find them again using the app's Tracing Service. All you need to do is download and print a paper form from the NS&I website and post it to the company.
If you don't have access to a printer then you can apply online through My Lost Account. This is a free service that helps you trace your lost accounts and savings. Read more on the Scottish Sun PITCH OFF 'Is this allowed?' cries NC500 local after brazen camper pitches tent near home HOME WIN Rangers star James Tavernier splashes out £1million for flat in pricey city spot You can also use the app to change how you would like to receive your prizes so any winnings are paid straight into your bank or building society account.
You can also call NS&I on 08085 007 007 if you have registered for its online and phone service. Where can I buy Premium Bonds from? YOU can buy Premium Bonds over the phone, online or by post. Once you own some you can buy more via direct debit on the National Savings and Investments website .
You need to be over 16 to buy them. Parents, grandparents and legal guardians can buy Premium Bonds on behalf of children under 16. Make sure you keep any paperwork safe, so you can still track your bonds easily if you relocate.
Premium Bonds cannot be passed on if you die, but your heirs can get the cash value of the bonds, as long as they are sold by the executor within 12 months. NS&I has slashed the rates on its savings accounts . Check out these nine best savings accounts for children - from Halifax to Barclays.
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