Premium Bonds: Correspondence

Treasury written question – answered on 15th December 2020.

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Photo of Anneliese Dodds Anneliese Dodds Shadow Chancellor of the Exchequer

To ask the Chancellor of the Exchequer, what estimate he has made of the effect of the decision to discontinue sending paper prize warrants to winners of Premium Bonds prizes on the proportion of Premium Bond prize entitlements which are not paid out.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The statistics show that paying prizes directly to the customers bank account has reduced the proportion of Premium Bonds prizes that go unclaimed compared to issuing warrants (cheques).

Since 2011, Premium Bonds holders have been able to have their prizes paid directly into a UK bank account in their name. Between 2011 and end of June 2018, NS&I paid out 110,300,054 prizes by warrant. Of these 569,461 (0.5%) have not yet been cashed and are therefore deemed unclaimed. In comparison between 2011 and December 2020, NS&I have paid out 72,385,607 directly to customers’ bank account. As of September 2020, of these 8,610 (0.01%) of the prizes have not been claimed.

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