Britons holding Premium Bonds have been urged to review their account settings or risk missing out on prize money they have already won.
The warning follows changes introduced by National Savings & Investments (NS&I) from the April prize draw.
Premium Bonds remain one of Britain’s most popular savings products, with two £1million jackpots awarded each month alongside thousands of smaller prizes.
Each £1 bond is entered into the monthly draw with an equal chance of winning.
Savers who receive winnings by cheque have only three months to cash them before they expire for security reasons. Expired cheques can still be replaced by contacting NS&I and requesting a new payment.
Bondholders who have not received expected winnings from recent draws are being encouraged to check that their account details are correct.
From April, NS&I reduced the odds of winning from 22,000‑to‑one to 23,000‑to‑one for every £1 bond.
The prize fund rate also fell from 3.6 per cent to 3.3 per cent. While most prizes remain £25 or £50, larger awards of £50,000, £100,000 and the two monthly £1million jackpots are still available.
Premium Bonds holders warned to check NS&I account settings or risk losing prize money
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The changes have prompted some savers to reassess whether Premium Bonds remain the best home for their money.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said savers should ensure their payment preferences and account information are up to date.
When opening a Premium Bonds account, customers choose how they want to receive winnings, with many opting for direct bank transfers.
Ms Springall said savers who have not received expected payments should contact NS&I to confirm their bank details are correct.
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These payments typically arrive by around the seventh working day of each month
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She added: “If you get your payments by cheque, be sure to cash them in as they expire after three months for security reasons. These can be replaced, so again, just give them a call to get a new one issued.”
She also encouraged savers considering alternatives to think carefully about their financial goals before moving money.
Some regular savings accounts currently offer interest rates of up to seven per cent for those building savings gradually.
For emergency funds, easy‑access accounts paying more than four per cent, including ISA options that protect interest from tax, may be suitable.
Fixed‑rate bonds and fixed‑rate ISAs paying above 4.5 per cent could suit savers with lump sums they do not need immediate access to, while notice accounts paying above four per cent may appeal to those willing to lock money away for a set period.
Ms Springall said more challenger banks are entering the savings market but warned savers to review eligibility rules and withdrawal restrictions carefully before opening new accounts.