More than £6.3bn has been held in Premium Bond accounts with no deposits, withdrawals or updated contact details for ten years, according to new data obtained through an FOI request.
Nearly two thirds of all money held in Premium Bonds in the past year sat untouched, up from the previous year.
The new data was obtained by Octopus Money via a Freedom of Information request, which also revealed that of the 510,061 new Premium Bond accounts opened in 2025-26, more than three in five did not win a single prize before the end of the financial year.
The findings come following consecutive cuts to the Premium Bonds prize rate, with the first rise in three years taking place in July. Yet with billions sitting in accounts that have seen no activity for years, the data suggests many holders might not be aware of these changes.
The Premium Bonds prize fund rate has been 3.8% since the July draw. Previously it was 3.3%.
Octopus warned that the Premium Bond holdings come with an opportunity cost, pointing out that a new saver who opened an account at the start of the financial year and won nothing could have earned around £175 in guaranteed interest over the same period.
The sum was calculated on the average Premium Bond holding of £5,600 being put into a savings account at the Bank of England base rate of 3.75% instead.
Tom Francis, head of personal finance at Octopus Money, said: "Premium Bonds hold a special place in British saving culture, and for many people they were a childhood gift rather than a conscious financial decision, which is why many accounts go untouched for years. The problem is that if you're not checking in, not only are prizes potentially missed, but you're probably not comparing them against what else is out there.”
He said the prize rate might sound like an interest rate, but it isn't: with millions winning nothing.
He pointed out other options might prove more reliable, such as a cash ISA or an investment account. He added: “Premium Bonds might still have a place, but it should be an active choice rather than an accident."
NS&I's own published data shows 2.7m prizes worth a combined £121.9m are currently sitting uncollected, which could be a direct consequence of accounts going unmanaged.