Premium Bond Holders Urged to Check Wins Before December Draw

National Savings and Investments is taking proactive steps to ensure that Brits with Premium Bonds have the opportunity to claim any historical winnings before the year's final prize draw. These government-backed savings products hold the potential for substantial monthly wins of up to £1million, yet an estimated £87.3 million in lost bonds remains unclaimed.

Three Ways to Check for Wins

Using the Prize Checker App

Dax Harkins, NS&I chief executive, emphasizes the importance of using the prize checker app. It provides a convenient way to determine if you've won this month. With just a few taps on your device, you can access information about your Premium Bond holdings and any potential wins. This app is designed to be user-friendly, making it accessible to both tech-savvy and novice users alike. It saves you the hassle of searching through multiple channels and ensures that you don't miss out on any possible winnings.

Accessing the NS&I Website

The NS&I website is another valuable tool for checking Premium Bond wins. It offers a comprehensive platform where you can enter your bond holder's number and quickly obtain information about your account. The website is updated in real-time, so you can be confident that the information you receive is accurate. Whether you're at home or on the go, accessing the website allows you to stay on top of your savings and potential wins with ease.

Utilizing Alexa

For those who prefer voice commands, Alexa can be a handy option. By simply asking Alexa to check your Premium Bond wins, you can receive instant updates. This integration with Alexa adds a touch of convenience to the process, especially for those who are constantly on the move or have their hands full. It allows you to get the information you need without having to physically interact with a device.

It's important to note that you'll need to have your Premium Bond holder's number on hand to use any of these prize checkers. This number is usually either 9 or 10 digits or 8 digits followed by a letter and can be found through your online account or on any letters from the NS&I. If you can't locate it, don't worry. You can contact the NS&I via phone call or by writing to request a replacement Bond record, which will include your number.

Claiming Past Prizes and Organizing Accounts

Premium Bond holders are encouraged to claim all of their past prizes and get their accounts in order before the changes in January 2025. Andrew Westhead, NS&I Retail Director, highlights the importance of this. By claiming past prizes, you ensure that you receive the full value of your winnings. Additionally, organizing your accounts allows you to have a clear overview of your savings and makes it easier to manage your finances in the future.

Changes in January 2025 and Interest Rates

The January Prize Draw

The January prize draw will mark the first step down in the prize rate, from 4.15% to 4%. This change was announced earlier this year in line with shifts in the savings market. It's important for Premium Bond holders to be aware of this adjustment and plan accordingly. While the prize rate may have decreased, the potential for winning remains, and there are still over 5.8 million tax-free prizes worth more than £431 million up for grabs.

Direct Saver Offerings

From December 20th, the interest rate on NS&I's Direct Saver offerings will also experience a similar step down, from 3.75% to 3.5%. This change reflects the broader trends in the savings market and allows the NS&I to meet its Net Financing target. While the interest rate may have decreased, Direct Saver remains a popular choice for savers due to its stability and the 100% government guarantee.

Income Bonds Product

The Income Bonds product also sees a slight dip in interest rate on the same date, going from 3.69% to 3.44%. This adjustment is part of the NS&I's ongoing efforts to adapt to market conditions and provide savers with competitive rates. Despite the decrease, the Income Bonds product still offers a reliable source of income for investors.