Lost savings - how to reclaim your share of £435m

Category: Money
Date: 8/21/2007 4:00:34 PM

What's happening?

National Savings and Investments have launched an advertising campaign to help people trace £435m worth of unclaimed money that's been sitting dormant in savings accounts for years. Banks and Building Societies are also trying to help people trace lost accounts as well.

This comes at the same time as the Government are trying to force Banks and Building Societies to use money in dormant accounts for good causes. The Treasury are proposing that cash from bank and building society accounts, which has seen no activity for at least 15-years, be transferred into a central fund, which would then be used to fund worthwhile causes.

The Treasury also stated that it should be made easier for people with money in dormant accounts to reclaim their money before it's diverted into a central fund. Perhaps this is why the Banks and Building Societies are now so keen to help people reclaim their lost savings!

How do savings accounts become 'lost'?

The most common reason why people lose track of their savings accounts was moving home and forgetting to pass on their new address. Other reasons are when people die and their executors hadn't realised they had an account.

How can you trace a lost account?

The following services will all help you trace an account for free, so there's no need to pay anyone to do this for you.

1. National Savings - National Savings & Investments offer a free tracing service on their website
2. Premium Bonds – there are reported to be £23m in premium bond prizes waiting to be claimed, and you can check to see if you've won with the premium bond prize checker
3. Savings and Bank Accounts - the British Banker's Association and Building Societies' Association have both got free services to help you trace lost savings accounts.

Don't worry if your lost savings has fallen fowl of the 15-year dormancy rule, you can still reclaim the money.

What else can you reclaim?

• The Pensions Service provides a tracing service can help you trace your lost pension scheme, and those of close relatives who have died, as you may be entitled to that pension fund.
• The Investment Management Association can help in tracing lost Unit Trusts.
• The Unclaimed Assets Register can help trace a lost life insurance policy
• The Association of Investment Trust Companies also has a search facility