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Written by our founders Anna and Sue

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🔔 Are you due a windfall from a forgotten savings account?

Author: Anna Bowes
02nd March 2018

The UK government recently announced it would be unlocking £330m that has been sitting in dormant accounts for at least 15 years, to spend on a number of social initiatives. 

So, if you think you may have money saved somewhere that’s been forgotten, act now to find out if some of it is yours and how to claim it back.

How does an account get lost?

They say moving house is one of life’s most stressful events and therefore it’s no surprise that the main cause of an account becoming lost is by failing to update a provider with a change of address.

If an account has been inactive for a while, then the provider will write and ask if you wish your account to remain open. For security reasons providers will not continue to write if no response is received and therefore mark the account as ‘lost’.

If you think you may have lost touch with a savings account, the British Bankers’ Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I) provide a free online service ‘mylostaccount.org.uk’ that can help you to trace missing money.

You can search banks, building societies and all NS&I products free of charge by completing one form online. The form will ask you to provide information about yourself such as current contact details, your date of birth and any previous addresses and names.  The more information you can provide about the account you think you have lost, the better the probability that the search will be successful.

 

So, information such as:

  • The branch you opened it.
  • When you opened it.
  • When you last used it. 
  • An approximate balance.
  • Type of account.
  • Sort code and account number.

 

Searches with banks and building societies will be completed within three months and within one month for NS&I.

So, if you are one of the 1000s of people with multiple accounts, it’s important that you regularly check them. If you don’t, you are less likely to spot signs of suspicious activity – making you an easier target for ID thieves and hackers, but also by not keeping tabs on all your accounts, you risk losing track of them altogether. 

Of course, our advice is always to review your savings accounts on a regular basis in order to ensure you maximise your savings return.

Using our Rate Tracker service will allow you to view all your accounts and the rates you are earning in one place. This will enable you to keep up-to-date with the best rates and ensure you never lose track of an account again.

Read our article Seven Steps to Successful Switching for tips on moving your savings to make sure you keep all your cash in top-paying accounts or call our savings experts on 0800 011 9705 who will be happy to help.