NS&I urged to sign up to services to simplify process for reporting a death

Independent

12 hours ago

Savings giant NS&I has been urged by consumer group Which? to sign up to schemes helping to simplify the process of notifying organisations following a death, as part of its efforts to unite 'lost' pots of money with their owners.
Last month, NS&I said that, as of June 2025, more than 2.5 million Premium Bond prizes worth more than £103 million remained unclaimed.
This included 11 £100,000 prizes, 19 £50,000 prizes, 38 £25,000 prizes and 75 prizes of £10,000.
Sam Richardson, deputy editor of Which? Money, said: 'Settling a loved one's affairs after a bereavement can be distressing, and sadly we often hear from those who feel their banks have made a difficult time worse through obscure processes or lack of understanding from customer services.
'NS&I has a real opportunity to set an example for the wider industry, and could potentially stand to make the process smoother if it were to join the Government's Tell Us Once service, or the private equivalent, the Death Notification Service, schemes which aim to simplify the process of notifying different organisations after a death.
'These are really useful initiatives but at the moment they are often overlooked and undersubscribed.'
In July, NS&I said that it has successfully paid out over 99% of all Premium Bonds prizes to its winners since 1957.
It has highlighted the importance of customers updating their details and opting to have Premium Bond prizes paid directly into their bank accounts.
NS&I said previously that in the financial year 2024-25, more than £166 million was reunited through 52,693 NS&I accounts for holders who had lost touch with their savings and investments, thanks to NS&I's tracing service and My Lost Account.
This includes more than £120 million in Premium Bonds savings and unclaimed prizes, £11.4 million paid out from old savings certificates and £1.3 million from old children's bonus bonds.
An NS&I spokesperson said on Tuesday: 'NS&I is not currently part of the Government's Tell Us Once service, which focuses on updating government departments that provide services such as benefits, passports and pensions, rather than banking services and investments, which often require more individualised contact with executors.
'We recognise that dealing with bereavement can be challenging and are committed to making our services as easy to use as possible, especially during difficult events such as the death of a loved one.'
Caitlyn Eastell, spokesperson at Moneyfactscompare.co.uk, said: 'While Premium Bonds are a fun, unconventional way to win some tax-free cash, the reality is that it is a game of chance, and the majority of savers may not even win a prize.
'They sometimes also rely on investors to claim these prizes, meaning there is currently over £100 million left unclaimed.'
She continued: 'To avoid missing out on any winnings, it is crucial that savers keep their contact details up to date.
'There is no need to panic if savers have forgotten or lost their Premium Bonds.
'Any unclaimed prizes can be easily checked using National Savings & Investments' (NS&I's) online prize checker or the prize checker app using a unique holder or NS&I number.
'However, if savers have misplaced any of these or are trying to track down gifted or a deceased relative's Premium Bonds, they could be harder to trace.'
She said savers may need to contact NS&I directly.