NS&I to contact bereaved families owed £367m after missing savings scandal
Summary
National Savings and Investments (NS&I) will soon contact thousands of families owed £367 million after the bank failed to properly pay out savings and prizes from accounts of people who had died. The bank has apologized and started fixing the problems that caused delays and missing payments.Key Facts
- NS&I previously estimated £476 million was owed but now says the correct amount is £367 million.
- Around 34,000 estates are affected by the missing savings issue.
- The bank’s former chief executive was replaced after the problem was revealed.
- The problem came from failures in searching for all accounts linked to deceased customers during bereavement claims.
- NS&I changed its procedures in January 2026 to prevent this type of error from happening again.
- The improved process takes longer, causing delays in claim payments currently.
- NS&I will contact personal representatives of estates with £10 or more, with payments expected through the first half of 2027.
- Payments will include extra money to cover lost interest or inflation, whichever is higher, and will be exempt from some taxes.
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