I was told my wife's premium bonds winnings EXPIRED after her death

I tried to claim my wife’s premium bonds winnings after she died… but was told they had EXPIRED

• Brian Phillips, from Brentwood, Essex, lost his wife of 53 years in May 2019
• Have YOU fallen victim to this rule? Email [email protected]

A 79-year-old grandfather has been left devastated after he tried to claim his wife’s premium bonds winnings when she died and was told they had expired – as figures reveal more than two million prizes remain unclaimed in the UK.

Brian Phillips, a grandfather-of-five from Brentwood, Essex, lost his wife of 53 years Georgina Phillips on May 9, 2019. 

For more than two decades she had invested £1,000 in premium bonds and two years after she died she won four £25 prizes.

Mr Phillips, a former docker, described how at the time he felt it was her way of looking out for him in heaven after she passed and he was overjoyed that she had won. 

However, after attempting to withdraw this prize money in March this year, he was told he was not entitled to the money as it was not won in the twelve months after her death – the time period which premium bonds are held for after someone passes away. 

Brian Phillips, a grandfather-of-five, pictured with his wife Georgina Phillips who passed away on May 9, 2019

Mr Phillips and his wife, both from Brentwood, Essex, got married in 1966

‘I rang up and I was told there were four wins which I was not entitled to. I couldn’t believe it – talk about kicking a person whilst he is down,’ he said. 

‘I know that it wasn’t a lot of money, but I just can’t believe they would do that to someone who is in the process of grieving. 

‘Where is the compassion? Where is the heart for something like this? 

‘It was a special moment for me thinking that my late wife had won the prizes, but to then be told that. I had no idea, they gave us absolutely no warning.

‘I’m sure there are a lot of other people in my situation who think they may have won prizes when they haven’t. 

‘I told them that I find it absolutely disgusting and when I asked what’s going to happen to the money, they told me that it goes back into the prize fund.’

The government’s National Savings and Investments (NS&I) bank released figures showing that as of November 2022, 2,269,198 people had not claimed their premium bonds.

An unclaimed prize is defined as one that hasn’t been claimed within 18 months of being won. 

The total value of these unclaimed prizes came in at £79,421,450. From that, five people had not yet claimed £100,000 in prizes and 1,709,460 people didn’t claim £25.

The former docker said he finds it ‘absolutely disgusting’ that he is no longer entitled to his wife’s premium bonds prize money after she passed away 

For more than 20 years Mrs Phillips had invested £1,000 in premium bonds and two years after she died she won four £25 prizes

Between January and November 2022 more than two million people had not claimed their premium bonds, according to figures released by the NS&I

Premium bonds are issued by the NS&I bank, which is backed by the Treasury, and holders can invest between £25 and £50,000. 

Instead of a regular interest payment, each £1 holding is entered into a prize draw every month and winners receive prizes from £25 to £1 million, free of tax. 

The NS&I allows a deceased person’s premium bonds to be held for one year after their death and in that time, an executor can cash in their winnings.

However, after 12 months has passed the bonds are added back into the prize draw and can no longer be withdrawn. 

Asked about this grandfather’s situation, an NS&I spokesperson said: ‘We recommend our customers keep financial records to ensure that, when they die, their loved ones can easily access any money, savings or assets that are in their name.

‘If a Premium Bonds customer dies, the executor of their estate can choose to leave the Bonds in the prize draw for 12 months following the date of their death. 

‘After this 12 month period, we will repay the holding balance as well as any prizes won to the deceased’s estate.’ 

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