MORE than 20,000 Premium Bonds prizes have gone unclaimed in Gloucestershire, totalling a value of £847,025.

The news comes as it was revealed that over £100m of premium bond prizes remain unclaimed in the UK, with the government receiving criticism that its bank is not doing enough to find the winners. Among the unclaimed prizes are 11 winners of £100,000 - the second-largest prize available.

In Gloucestershire, the highest unclaimed prize is £5,000 from an April 2019 draw, and one prize of £25 has gone unclaimed since July 1962.

Critics say the process to trace accounts needs reform as it is too difficult for people gifted them or those who only ever had paper records. NS&I however, said every jackpot millionaire has received their money.

Jessica Willock, Personal Finance Expert at Confused.com said: "Premium Bonds are a popular way to save, but it can be easy to forget about them once they’re set up. That’s why it’s not surprising to hear that over £100 million in prizes is currently unclaimed.

“With millions of people holding bonds, there’s a good chance some have money waiting for them and don’t even realise it. If you’ve ever bought Premium Bonds, it’s worth taking a moment to check in on them. All you need is your NS&I holder’s number or account number, and you can use their prize checker app or website to see if you have any winnings. If you’re not sure of your details, you can speak to the NS&I who can help you recover them.”

National Savings and Investments (NS&I), the state-owned bank which operates the scheme, said it had paid more than 99 per cent of the prize-winners since starting its tax-free draws in 1957.

Each month in the UK, premium bonds are entered into a draw that could see holders win £1 million, or smaller prizes of descending value down to £25.

Premium bonds prize winners should receive notifications of their winnings if they have registered their details. However, some people relocate and forget to update their details.

In addition, some bond holdings are not registered. People may be unaware they were gifted bonds as children, or they were never given the paper certificate carrying account numbers.

Jessica Willock from Confused.com said residents can go further with a financial “tidy-up” by not only checking if they’ve won in the Premium Bonds draw, but also with things like supermarket loyalty points, or by keeping an eye on tax-free cash ISAs, with some accounts offering up to four per cent interest.

Residents can check to see if they have won in the Premium Bonds draws by using the NS&I's tracing service online, by post or over the phone, even if you do not have all the details. You can also use online service MyLostAccount to trace old accounts.

People with original paper Bonds such as those purchased over the counter at the Post Office can register them online or call the helpline on 08085 007 007.