Brits have been urged to track down forgotten money after figures revealed more than £557million of cash across 4.4million dormant accounts has been signed over to the Treasury. Only 11% of the money – equivalent to £62.7million – was reclaimed between 2022 and 2025, meaning millions of Brits could be missing their cash.
Average payout tops £1,000
On average, those who tracked down a lost account received £1,011, according to figures obtained by Confused.com in a Freedom of Information request. The money is sent to the Dormant Assets Scheme after an account remains untouched for 15 years, and about 60% of the money is paid to social and environmental causes.
However, Reclaim Fund Ltd, which runs the scheme, is legally obliged to pay back the owners who come forward, in full, no matter how many years have passed.
Why accounts go dormant
An account often becomes dormant – with no deposits or withdrawals, and an untraceable owner – after someone moves house, switches banks, or simply forgets about a balance left behind.
Personal finance expert at Confused.com Tara Evans urged savers to track down money which is rightfully theirs during the cost of living crisis. “With finances stretched for so many households, it's worth remembering that forgotten money is far more common than people realise. It’s easy to assume this money is gone for good, but it almost never is,” she said.
“With so many of us now managing our money across multiple banks and apps, it has never been easier to lose track, so it’s well worth taking the time to check.”
How to trace lost savings
Ms Evans recommended setting aside time every few months to list every account, savings pot and product in your name, “so nothing is quietly forgotten”. Out-of-date details are one of the main reasons accounts go dormant, and prizes go unclaimed. So she urged account holders to update their contact details if they move house or change their email or phone number.
If you think your money may have gone missing, the free tracing service at mylostaccount.org.uk lets you search for lost bank, building society and NS&I accounts in one place.
“Whatever you find, it is always worth looking at your bank accounts. Forgotten money does not expire and it belongs to you, so tracking down an old account or an unclaimed prize could give your finances a real lift for very little effort,” she said.
