Premium Bonds and National Savings

What are National Savings and Investments?

National Savings and Investments (NS&I) is a government-backed savings organisation that has existed in various forms for over 150 years. Unlike banks and building societies, money saved with NS&I is backed by HM Treasury. This government guarantee protects your savings in full, rather than being subject to the £85,000 limit under the Financial Services Compensation Scheme.

Before bank accounts became standard, National Savings products were one of the main ways ordinary families put money aside. Post offices handled deposits and withdrawals, and many households kept savings books alongside important documentation.

NS&I still exists and remains popular, though its role has changed. It now offers fewer products than before, but millions of people continue to hold accounts and bonds. The organisation also administers Premium Bonds, one of the most widely held savings products in the country.

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Premium Bonds explained

Premium Bonds work differently from standard savings accounts. Rather than earning fixed interest, each £1 bond enters a monthly prize draw. Prizes range from £25 to the £1 million jackpot, and all winnings are tax free. The odds of winning any prize are approximately 21,000 to 1 per £1 bond each month, though these change based on the prize fund rate.

The minimum purchase is £25, and you can hold up to £50,000. Your original money remains safe and can be cashed in at any time, though funds take a few working days to reach your bank account. Check the NS&I website for current odds and prize fund rates before deciding whether they suit you.

Prizes sometimes go unclaimed, particularly when bondholders move house without updating their details, or when bonds are inherited. NS&I now typically pays prizes directly into bank accounts or reinvests them, reducing this problem. However, if you hold older bonds without registered bank details, prizes may be held without your knowledge. NS&I provides a free online Premium Bonds prize checker to help people search for missed winnings.

Your situation may be slightly different. ask a question below ↓ and our editorial team will reply with our advice.

Unclaimed money in old National Savings accounts

Over the years, NS&I has offered many different savings products. Most are no longer available to new customers, but money held in them can still be claimed. If you find old paperwork, passbooks, or certificates among your own possessions or those of a deceased relative, funds may still be waiting.

Products offered over the years include:

• British Savings Bonds
• Capital Bonds
• Pensioners Bonds
• Children's Bonus Bonds
• Investment Accounts
• Deposit Bonds
• ISA and Direct ISA accounts
• FIRST Option Bonds
• Income Bonds
• Fixed Rate Savings Bonds
• Save As You Earn schemes
• Premium Bonds
• Ordinary Accounts
• Yearly Plans
• Savings Certificates

Post Office savings accounts were also administered through the same system. If you have an old Post Office savings book, the money may now be held by NS&I.

Even if a product has been discontinued, the money does not disappear. NS&I holds these funds until claimed. Some discontinued products may have continued earning interest or index linking after closure, meaning the final value could exceed the original deposit. However, this varies by product.

How to trace and claim old savings

NS&I has a tracing service to locate lost or forgotten holdings. Provide as much information as possible: full name, previous addresses, date of birth, and details of the account type if known. Old passbooks, certificates, or letters contain holder numbers that speed up searches, though they are not always required.

For Premium Bonds, the NS&I prize checker allows searches using the holder's details, covering both living bondholders and those who have died. Any prizes found can then be claimed.

When dealing with someone's estate, you will usually need a copy of the death certificate and evidence of your authority to act: a grant of probate or letters of administration, depending on circumstances. NS&I can advise on required documentation for your situation.

Claims can be made online, by post, or by telephone. Straightforward claims may be resolved within a few weeks; more complicated situations take longer. There is no time limit for claiming: unlike some financial products where unclaimed funds pass to a central scheme, National Savings holdings remain with NS&I indefinitely until claimed.

Start by searching systematically for paperwork. Savings books, certificates, and correspondence contain holder numbers that make tracing easier. Bank statements showing payments to or from NS&I also provide useful evidence. When dealing with an estate, include a check with NS&I as part of standard searches, even without specific reason to believe the deceased held products with them. Many families have been surprised to discover forgotten savings or unclaimed prizes.

For current information about NS&I products, interest rates, and Premium Bond prize fund rates, check the NS&I website or GOV.UK.

The Next Step

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