£28 million unclaimed bond prizes
06 July 2007
Thousands of UK residents could be in a for a great surprise as National Savings and Investments reveals that a whopping £28 million has not been claimed by Premium Bond holders.
Some 40 per cent of the population are thought to hold bonds and more than £31 billion has been invested in bonds this decade alone.
Premium Bonds offer an infamously low rate of interest, at just 3.6 per cent, but it is the chance to win in the prize draws that has led to their enduring popularity since their conception in 1956 when Harold Macmillan came up with the idea as a source of government revenue.
They are designed primarily to bring money to government, the public's investment in the last year bringing in £8 billion for the treasury's purse.
Although there is no time limit on collecting the money, bond holders are advised to check their bonds to see if they may be one of the winners yet to claim their prize.
© Adfero Ltd
