BBC money expert Laura Pomfret has urged Britons to check their bank accounts for dormant funds, warning that after 15 years of inactivity, banks are permitted to transfer the money to charitable causes under the Dormant Asset Act 2022. Speaking on BBC Morning Live, Pomfret highlighted that billions of pounds in unclaimed financial assets lie in old UK bank accounts, pensions, and investments.
The Scale of Unclaimed Assets
Pomfret revealed that £2.1 billion was reunited with people in the first half of 2026 alone. She explained that accounts become 'lost' when people hold multiple accounts and lose track of them due to moving home without updating details, going through a separation, or setting aside funds for projects that never materialise.
Presenter Rav Wilding expressed surprise at the notion that people hold more than one account, but Pomfret assured viewers it is “actually super, super common.”
Consequences of Dormant Accounts
Under the Dormant Asset Act 2022, banks are allowed to transfer funds from accounts that have remained unused for 15 years to charitable organisations. However, Pomfret warned that while accounts sit unmonitored, they may still accumulate interest, overdrafts, charges, or fees that could require urgent attention.
How to Reclaim Lost Accounts
Pomfret advised starting by contacting the bank you believe held the account, either by telephone or in person. You may need to provide ID or proof of address to verify your identity, even without the account number or sort code. If you don't know which bank or building society holds the account, she recommended using the free online service mylostaccount.org.uk. The service asks a series of questions, including whether the account was in your name, your date of birth, current and previous addresses, and who you think the account was with. Once reconnected, it is down to the individual to communicate with the bank to reclaim the funds.
Expert Opinions on Account Numbers
Later in the programme, Rav asked whether there is a “correct amount of accounts” people should hold. Pomfret confirmed it depends on individual circumstances, adding that she personally prefers to keep things 'simple' with a handful of different pots, each serving a distinct purpose. Rav stated he has maintained the same single account “since I was born.” Guest expert Holly Hamilton admitted she also held onto the same account since her student days. Meanwhile, Dr Oscar Duke shared a timely anecdote: “I was told I had a dormant one just the other day, I got an email; 24p plus interest!”
