More than £557 million transferred from dormant UK bank accounts into the HM Treasury’s Dormant Assets Scheme remains unclaimed, according to figures obtained by Confused.com through a Freedom of Information (FOI) request to Reclaim Fund Ltd and NS&I.
The sum was transferred from over 4.4 million dormant accounts between 2022 and 2025. Over that period, account holders reclaimed £62.7 million, equivalent to only around 11% of the total.
How the Dormant Assets Scheme works
The Dormant Assets Scheme is run by Reclaim Fund Ltd and covers participating UK banks, building societies and NS&I. It also covers some pension and investment products more recently added to the scheme.
An account is only classed as dormant when it has been left untouched for 15 years, with no deposits or withdrawals, and the provider has not been able to contact the owner. This could be due to a change of address, a bank switch, or the person completely forgetting about the funds.
If the account holder cannot be found after that point, the balance can be moved into the scheme, but it is not lost forever. The money is pooled, and Reclaim Fund Ltd has a legal obligation to pay back owners who come forward in full, regardless of how much time has passed, Confused.com explains.
The firm sets aside money to fulfil this, with the remainder given to social and environmental causes. Those who managed to track down a forgotten account got back £1,011 on average.
Unclaimed Premium Bonds prizes
Forgotten bank accounts are only part of the story, as there is also a growing pile of unclaimed Premium Bond prizes. Premium Bonds are a savings account offered by National Savings & Investments (NS&I), which is one of the largest savings institutions in the UK and is backed by the Treasury.
The accounts do not earn interest traditionally and consistently. Instead, each bond is entered into a monthly, randomly generated prize draw, with NS&I's Electronic Random Number Indicator Equipment (known as ERNIE) generating the winning numbers.
Between £25 and £50,000 can be invested in the account, and prizes of up to £1 million can be won every month. As of September 2026, there are more than 2.8 million Premium Bonds prizes worth £126,787,100 waiting to be claimed.
According to a survey by OnePoll on behalf of Confused.com of 2,000 UK adults who hold a bank account, conducted between July 29 and August 5, 2026, almost a third (29%) of Premium Bond holders have never checked whether they have won an unclaimed prize. Prizes are held indefinitely by NS&I, so all you have to do is come forward and claim them.
Expert advice on tracking down lost money
Tara Evans, personal finance expert at Confused.com, said: "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."
"Whether it’s an old savings account or a Premium Bond prize you never knew you had won, it’s probably still waiting to be claimed, and it can add up to a surprising amount. 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."
She shared a number of simple steps that can help. These include:
- Know what you hold. Set aside some time every few months to list every account, savings pot and product in your name, so nothing is quietly forgotten.
- Use the free tracing service at mylostaccount.org.uk, which lets you search for lost bank, building society and NS&I accounts all in one place.
- Check your Premium Bonds using the free prize checker and app from NS&I, which will show any prizes you are owed no matter how far back they go. It’s also worth registering for email or text alerts so you hear about future wins.
- Keep your contact details up to date. Banks, building societies and NS&I use the details they hold to reach you, so if you move house or change your email or phone number, make sure to update all your bank providers. Out-of-date details are one of the main reasons accounts go dormant, and prizes go unclaimed.
- If you hold savings in several places, keep a note of where everything is. The more accounts and apps your money is spread across, the easier it is to lose track, so even a simple list means nothing slips through the cracks.
"Whatever you find, it is always worth looking at your bank accounts," Ms Evans added. "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. The hardest part is simply remembering to check, so make sure you set time aside for it."
