More than £850 million is languishing in forgotten bank accounts across the UK, according to recent reports. Many Britons have lost track of savings, premium bonds, or dormant accounts – but there are straightforward ways to reclaim what's rightfully yours.
The Scale of Forgotten Money
Official figures reveal that approximately 1.5 million dormant accounts hold significant sums, with some individuals potentially unaware of thousands of pounds waiting to be claimed. The problem has grown as people move homes, change names, or simply lose paperwork over the years.
How Money Gets 'Lost'
Common scenarios include:
- Accounts opened during childhood that were never closed
- Bank mergers making accounts harder to track
- Premium bonds purchased as gifts but forgotten
- Workplace pensions from previous employers
How to Reclaim Your Funds
The process is simpler than many expect:
- Check with the My Lost Account service, a free database covering most UK banks
- Search for unclaimed Premium Bonds via NS&I
- Contact previous employers about old pensions
- Check with the Dormant Assets Scheme for larger sums
Prevent Future Losses
Financial experts recommend:
- Keeping a master list of all accounts and policies
- Updating details after any life changes
- Consolidating accounts where possible
- Setting calendar reminders to review finances annually
With billions still unclaimed, it's worth taking an hour to investigate – you might be pleasantly surprised by what you find.
