Premium Bonds & National Savings

There's a lot of money still languishing unclaimed in the vaults of National Savings and Investments - not only savings, but also unclaimed premium bond prizes (remember premium bonds? They're still around and active).

There was a time when most people used various forms of national savings as the way to salt away money, before everyone had bank accounts. Even now they're a powerful force, just not as big as they once were.

Types of National Savings Accounts

The list of different types of savings accounts handled by National Savings gives an indication as to how widespread it once was. However, be aware that most of these no longer exist. That means, if you find a passbook or certificate in the possessions of an elderly or deceased relative, the funds no longer operate, but the money can still be claimed.

The complete list is: British Savings Bonds, Capital Bonds, Pensioner's Bonds, Children's Bonus Bonds, Investment Accounts, Deposit Bonds, ISA or Direct ISA, FIRST Option Bonds, Income Bonds, Fixed Rate, Save As You Earn, Savings Bonds, Premium Bonds, Ordinary Account, Yearly Plans and Savings Certificates. Also covered are the Post Office savings accounts and various savings certificates.

National Savings makes an account dormant once correspondence to a customer has been returned as undeliverable. This is for security reasons, although it doesn't affect the savings in the account, which continue to accrue interest until claimed.

Some people also possess National Savings stamps, another way of saving. These have no passbook of any kind. They can still be redeemed, as they don't expire, but there's no interest, they're simply paid at face value.

Tracing a Dormant Account

National Savings and Investments does having a tracing service, which is available through its website (www.nsandi.com). However, a trace takes around three months to complete, and the same service is available from My Lost Account (www.mylostaccount.co.uk), which is also free.

For NS&I to run a trace on an account, you'll need to fill out and return their form - it's as simple as that. You will need to know what type of account, and if you're running a trace for someone else, NS&I will need their permission in writing before releasing information (if you're searching on behalf of someone deceased, they'll need a death certificate).

If you're hunting for information on unclaimed government stocks, also known as gilts, these are no longer administered by NS&I. You'll need to contact Computershare Investor Services.

Premium Bonds

Unsurprisingly, NS&I receive more requests about old premium bonds than anything else. People find old ones and want to discover if they've won anything, although in the majority of cases they haven't.

In most instances NS&I lose track of premium bond holders when the person moves and doesn't inform them of the new address - that means they can't be notified of any winnings.

They don't need the same form as other savings in order to be claimed. With the bond itself, or the holder's number or card, you can simply check online to see if the bonds have won on the NS&I site with their premium bond prize checker. Alternatively, just inform them of your new address on the holder's card ands they'll check for winnings.

It's worth noting that if someone deceased has won a prize, the prize is only held for 12 months after the date of death.