Martin Lewis, founder of MoneySavingExpert, appeared on ITV's This Morning to offer advice on recovering lost bank accounts. A viewer wrote in about a £1 account opened with Midlands Bank in 1989 that she had forgotten about, asking how to access the funds and whether they could have grown.
Lewis explained that even if the original bank no longer exists, the money is not lost forever, as many older banks have been taken over by familiar names. He noted that while such funds are unlikely to have grown significantly, it is worth investigating.
He recommended using MyLostAccount.org.uk, a free service run by the British Bankers' Association, Building Societies Association, and NS&I. Users can search for lost savings, pensions, and investments by completing an online form with personal details, ideally including the sort code and account number.
If a match is found, the individual will be contacted with next steps and must provide proof of identity to reclaim the money. The service is also available on paper through banks or building societies. The Money Advice Service confirms that money in lost accounts still legally belongs to the account holder, even after many years.
