Latest news with #CaitlynEastell
Telegraph
6 days ago
- Business
- Telegraph
Savers urged to claim £100m in Premium Bond prizes
More than £100m of Premium Bond prizes are sitting unclaimed, as savers are urged to cash in. In total, 2.5 million prizes remain unclaimed, including 11 pots worth £100,000 – the second-largest offering. Experts have warned 'an enormous stack of cash is sitting gathering dust'. Premium Bonds are the country's most popular savings accounts, and prizes are awarded in a monthly lottery. Two savers win £1m every month. The scheme, operated by National Savings and Investments (NS&I), was established in 1956. The government-backed bank said 99pc of prizes have been paid out since its inception. It added that sometimes families change address without updating their details. However, experts have warned savers that Premium Bonds are 'a game of chance'. Nearly 23 million people had accounts worth a combined £130bn in March 2025. Despite this, two in three savers have never won a penny from their Premium Bonds. More than 14.3 million savers have not won a prize since 1994, a Freedom of Information request by AJ Bell revealed. Only five million of the 22.5 million holders won a prize between March 2024 and February this year. Caitlyn Eastell, of 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 claiming these prizes, meaning there is currently over £100m left unclaimed. 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 NS&I online prize checker or the prize checker app using a unique holder or NS&I number.' The prize rate is currently 3.6pc, which 'doesn't even outpace inflation', Ms Eastell added. Last year, £1.7m was inherited by families after 11,000 winners died before they could receive their money, NS&I figures show. Sarah Coles, of Hargreaves Lansdown, said: 'A major part of the problem is that people don't know to search for them. Even if they think they may have Premium Bonds, they often don't know how to look for them. It can also take some time, which is frustrating if you need the money quickly. 'There's an enormous stack of cash sitting in NS&I vaults gathering dust.' Wills and probate solicitor, Patrice Lawrence, told the BBC: 'It's shocking that a government-owned bank is sitting on nearly £100m that doesn't belong to it during a cost of living crisis.' An NS&I spokesman said: 'Opting to have Premium Bonds prizes paid directly into a bank account or reinvested into more Premium Bonds reduces the chances of prizes going unclaimed. Nine in 10 prizes are already paid this way. 'We want to reunite Premium Bonds holders with their winnings and would encourage people to use our prize checker app, the help available online and through our call centre on how to trace their funds.'
Yahoo
21-05-2025
- Business
- Yahoo
Lloyds account ‘will help empower affluent customers to reach financial goals'
Lloyds Bank is stepping up its drive to attract affluent customers, with the launch of a new account aimed at people with income or assets of more than £100,000. The bank's offer of an account combining financial perks with 'premium lifestyle services' is part of moves to grow its presence in this part of the market. The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits. The perks include a Bupa family GP and wellbeing subscription service, providing remote access to a range of services; a 0.2 percentage point discount on new homeowner mortgages and remortgage rates and 1% cashback on eligible debit card spending, up to £10 per month. Customers can also receive 1.50% AER (annual equivalent rate) variable credit interest on balances between £1 and £3,999.99 and 3.00% AER variable credit interest on any part of the balance between £4,000 and £5,000, subject to terms and conditions. The account will also offer customers 'ready-made investment portfolios with zero management fees for the first year'. The deal also offers a 'Premier planning hub' within the mobile app, offering tools such as a 'net worth calculator' and 'wealth forecasting'. People can also access other perks such as fee-free spending abroad on debit cards, and cinema tickets. Jo Harris, director of consumer relationships at Lloyds, said the account will 'help empower' customers to reach their financial goals. 'Lloyds Premier is a strategically important milestone in our growth ambitions for affluent customers – a part of the market where we have historically been under-represented. 'Our new Lloyds Premier account is the latest way we are delivering for our affluent customers, offering experience-led, tailored and personalised solutions in financial, health and lifestyle, while growing our presence in this part of the market.' Under the Lloyds Premier criteria, customers must pay in £5,000 each month or have £100,000 of savings or qualifying investments with Lloyds Bank to be eligible for the account. A monthly fee of £15 will be refunded each month a customer meets the eligibility criteria. Accounts are regularly reviewed, with customers contacted if they are not meeting the criteria, Lloyds said. The bank estimates that customers will typically receive more than £100-worth of benefits per month, based on an account holder's assumed average usage of benefits. Caitlyn Eastell, a spokesperson at financial information website said: 'It's great to see Lloyds Bank launching an innovative account which can help consumers achieve their savings goals and effectively manage their lifestyle. Combining these perks into one account can pose as a massive timesaver and may entice customers with a busy daily schedule. 'However, it is imperative that consumers consider if the account is suitable for their needs to ensure they can get the best value and are not losing out on any of the best perks.' Ms Eastell said that with many 'lucrative 'premier' accounts, the terms and conditions can be quite restrictive so they should be reviewed carefully to ensure they qualify'. She added that for current account customers more widely: 'There are still a wealth of current accounts to choose from which can offer interest on balances or overdrafts. In any case, if customers are unsure which account may be best for them, they should seek independent advice.'
