Millions of British savers are being urged to conduct an immediate financial health check as shocking new figures reveal billions of pounds are languishing in forgotten accounts across the UK.
Financial experts have issued an urgent warning to check old statements and dormant accounts after research uncovered that UK banks are sitting on a staggering fortune of unclaimed cash. With the cost of living crisis continuing to squeeze households, this money could provide vital relief for many families.
The Hidden Billions in Britain's Banking System
Recent analysis of banking data has exposed the alarming scale of forgotten funds within British financial institutions. Many accounts have been left dormant after people moved house, changed banks, or simply lost track of older savings pots.
"We're talking about life-changing amounts of money that rightfully belongs to hard-working Britons," explains Sarah Coles, head of personal finance at Hargreaves Lansdown. "In many cases, people have completely forgotten about accounts containing thousands of pounds."
How to Reclaim Your Forgotten Fortune
Reclaiming dormant funds is simpler than many people realise. Follow these essential steps:
- Check old paperwork and statements for any accounts you may have forgotten
- Contact previous banks where you've held accounts, even if you've moved address
- Use the free MyLostAccount service which searches across multiple providers
- Keep records of all communications with banks during your search
The Seven-Year Rule: What You Need to Know
Under current UK regulations, banks must attempt to contact account holders before classifying accounts as dormant. However, after seven years of inactivity and unsuccessful contact attempts, banks can classify accounts as dormant.
While the money always remains yours to claim, dormant accounts don't earn interest and are effectively frozen in time. With inflation eroding purchasing power, urgent action is crucial to protect your financial wellbeing.
Expert Warning: Don't Delay Your Search
Financial advisers are emphasizing the urgency of checking for dormant accounts now. "With many families struggling with rising bills, this forgotten money could make a significant difference," says Coles.
She adds: "The process of reclaiming is free and straightforward. There are no excuses for leaving your money gathering dust in forgotten accounts when it could be working for you."
The message from financial experts is clear: take action today. Your forgotten fortune could be just a phone call away.
