Potentially billions of pounds in forgotten bank accounts, pensions, and investments remain unclaimed across the UK, according to finance expert Laura Pomfret. Speaking on BBC's Morning Live, she explained how individuals can track down dormant accounts and recover money that is legally theirs before it is lost forever.
Why Accounts Become Forgotten
Pomfret noted that losing track of an account is "super common." Many people open multiple accounts for various reasons and then forget about them after moving house or failing to update email addresses used for bank correspondence. This can also apply to accounts of deceased relatives that heirs never knew existed. In 2026 alone, £2.1 billion was reunited with people who had no idea they had forgotten money.
The Risk of Losing Funds Permanently
Under the Dormant Assets Act (2022), if an account remains untouched for 15 years, the money can legally be donated to a non-profit cause. Pomfret urged people to run a quick check even if they cannot remember all account details, warning that ignoring this could see the funds disappear for good.
How to Search for Forgotten Accounts
For those who remember the bank or building society, Pomfret advised visiting a branch with identification and a letter bearing your name and address. "If you pass data protection checks, they are going to be able to say if you do or don't hold an account," she said. If you have no specific brand in mind, use the free online service My Lost Account, which can track down UK-based bank, building society, or NS&I accounts. The service asks a series of questions and uses the information to search across multiple brands. Pomfret explained, "You don't need to make a personal account on the website, you don't even have to provide an email address – but that might take a bit longer as they'll post information out to you." If a match is found, the relevant institution will contact you.
Searching for Accounts of Deceased Relatives
The process differs for accounts belonging to someone who has died. Pomfret recommended using the Death Notification Service, a free UK service that allows you to notify multiple banks and financial institutions simultaneously about a person's death. This helps when you cannot ask the deceased for account details. You do not need sort codes or account numbers; simply select all relevant institutions from a drop-down list, and anyone with a match will respond, helping you avoid missing any funds that could otherwise be lost forever.
