Billions of pounds in unclaimed bank accounts could be transferred to charitable causes if left untouched for 15 years, BBC money expert Laura Pomfret warned on Morning Live. She urged Britons to act swiftly to reclaim forgotten funds, which may still be accruing interest or fees.
Common Reasons for Lost Accounts
Pomfret explained that people often lose track of accounts due to house moves, relationship breakdowns, or abandoned savings plans. She noted that maintaining multiple accounts is “super, super common.” According to her, £2.1 billion was reunited with people in the first half of this year alone.
Dormant Asset Act 2022
Under the Dormant Asset Act 2022, banks can transfer money from accounts inactive for 15 years to charitable causes. Pomfret emphasized that accounts may still incur interest, overdrafts, or charges, making it crucial to act quickly.
How to Find Lost Accounts
If you suspect a dormant account, Pomfret advises contacting the original bank by phone or in person, providing ID or proof of address. If you don’t know the bank, use the free service mylostaccount.org.uk, which covers UK personal bank, building society, and National Savings and Investments accounts. Users answer questions about their name, birth date, and current/previous addresses.
Once the service identifies the account, you must liaise directly with the bank to reclaim the money.
How Many Accounts Should You Have?
Presenter Rav Wilding asked if there is an ideal number of accounts. Pomfret said it depends on individual circumstances, preferring a few accounts with specific purposes. Wilding has used the same single account since birth, while guest Holly Hamilton kept her student account. Dr. Oscar Duke shared he recently discovered a dormant account with 24p plus interest.
