Thousands of bereaved families due £5,486 payout from NS&I after error
Thousands of families are due payouts after NS&I confirmed it made an operational error affecting the accounts of deceased savers. The state-owned bank began writing to affected families back in May of this year, but confirmed that more than 15,000 families are yet to be contacted. It said that repayments will not be fully complete until the middle of 2027, and that an estimated £181.9 million is owed to a total of 30,300 affected families across the country. The mistake was revealed in Parliament earlier in 2026 and resulted in the resignation of NS&I chief executive Dax Harkins.
TL;DR
- NS&I made an operational error affecting accounts of deceased savers.
- An estimated £181.9 million is owed to 30,300 families.
- Repayments are not expected to be fully complete until mid-2027.
- More than 15,000 families are yet to be contacted.
- Families owed less than £10 must contact NS&I directly.
- The average payout made so far is £5,486.
- Payments include original amount owed plus interest.
- NS&I is using specialist providers to trace affected individuals.
- Reimbursement for professional costs may be available.
- Payments are exempt from Inheritance Tax.