NS&I missing savings scandal – five things you need to know

1. Treasury -backed savings provider NS&I will begin contacting the estates of deceased customers next week to return hundreds of millions of pounds in untraced savings.
2. The provider will proactively reach out to all affected estates with holdings of £10 or more, aiming to return the full value of funds that should have been repaid sooner.
3. In March, NS&I estimated that approximately 37,500 bereavement claims, with a total value of £476 million, may have been impacted. Three-quarters of these cases date back to the period between 2008 and 2025.
4. Affected holdings will be adjusted to include interest, calculated as either the higher of accrued interest or the Bank of England base rate plus one percentage point, with inheritance tax and income tax exemptions applied.
5. Payments to these estates will be rolled out over the coming months and are anticipated to conclude by the first half of 2027.

IN FULL

NS&I to start contacting bereaved families following missing savings blunder