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News Article

Forgotten bank accounts contain 'billions of pounds'

Published 2 August 2012 by

Over seven million British savers think that they may have money in forgotten building society and bank accounts. Collectively, it has been revealed that these accounts contain billions of pounds of money that people have lost track of over the years.

Research by NS&I (National Savings and Investments) revealed that people would use this money to help with daily expenses, and 23% said that they'd use it to pay bills and debts.

Over a quarter of people surveyed said that it was difficult to remember the different accounts they had opened in the past. 28% admitted that they'd lost or misplaced original paperwork.

Age UK director general, Michelle Mitchell, said: "People can lose track of money for many different reasons, including moving house and simply forgetting to update contact details, or losing touch with a pension or account when changing jobs, marrying or divorcing. And while many of these accounts hold less than £100, some hold £1,000 or more, which could be a hugely welcome boost to someone’s income."

She added: "Billions of pounds, including over £850 million in unclaimed bank, building society and National Savings and Investment accounts, is currently 'lost' or unclaimed."

If you think you may have lost track of funds in a bank or building society account, there are steps you can take. If you find details of an account that you'd forgotten about, you can go straight to that institution for guidance.

If, however, you've lost details of your bank or building society account - or you're not sure whether you're sitting on forgotten money - you can use a free tracing scheme called MyLostAccounts by clicking here.

Simply follow the instructions on the website to see whether you have any funds hiding away - and take steps to reclaim it.