Across the UK, billions of pounds sit unclaimed in forgotten savings accounts, tax rebates, benefits, pensions, and Premium Bonds prizes. In many cases, the money is simply waiting for someone to realise they are entitled to it. Some refunds are automatic, but many are not. Spending half an hour on a few simple checks could leave you hundreds or even thousands of pounds better off.
The 60-Second Refund Check
You should keep reading if you can answer yes to any of these questions: Have you changed jobs in the last few years? Have you ever paid emergency tax? Did you move house and leave an energy supplier? Were you born between September 2002 and January 2011? Have you lost touch with an old bank account or pension? Do you have Premium Bonds but haven't checked them recently? Are you over State Pension age? Have you never checked your Council Tax band? If you answered yes to even one, it is worth investigating.
1. Tax Refund from HMRC
Thousands of people overpay Income Tax every year without realising it. This often happens after changing jobs, being put on an emergency tax code, stopping work part way through the tax year, or paying for work expenses that qualify for tax relief. While HMRC automatically issues many refunds, not everyone receives one without checking their Personal Tax Account.
2. Council Tax Band Could Be Wrong
If your property has been placed in the wrong council tax band, you could qualify for lower bills in future and, in some cases, receive a refund for overpayments. Compare your home's band with similar neighbouring properties before deciding whether to challenge it. A review can result in your property moving up a band as well as down, so do your homework first.
3. Forgotten Child Trust Fund Worth Around £2,200
The Government says more than 750,000 Child Trust Funds remain unclaimed, containing around £1.6 billion. The average account is worth around £2,200. Anyone born between 1 September 2002 and 2 January 2011 could have one, even if their parents never actively opened an account, as many were created automatically. If you are over 16, you can use the Government's free tracing service to find out if there is money waiting for you.
4. Unclaimed Premium Bonds Prizes
According to NS&I, there are more than 2.8 million unclaimed prizes worth over £123 million, including prizes worth as much as £100,000. Usually it is because someone has moved house and forgotten to update their contact details. Premium Bonds prizes never expire, so it is never too late to check.
5. Lost Track of an Old Pension
Research by the Association of British Insurers suggests there are around 3.3 million lost pension pots in the UK worth a combined £31.1 billion, with the average lost pension valued at almost £9,500. If you have worked for several employers over the years, it could be worth using the Government's Pension Tracing Service.
6. Pension Credit
Hundreds of thousands of eligible pensioners miss out on Pension Credit every year. As well as topping up income, Pension Credit can unlock extra help including support with Council Tax, housing costs, and NHS charges. Even a relatively small award can open the door to much more financial support.
7. Forgotten Bank and Savings Accounts
The free My Lost Account service helps people trace forgotten bank accounts, building society savings, and NS&I investments that have been left behind after moving house or switching accounts. Some people find only a few pounds; others discover hundreds or even thousands.
8. Money Left with an Old Energy Supplier
Some households leave accounts in credit when they move. If your final bill was not settled correctly, or your old supplier still holds a balance on your account, you may be entitled to ask for the money back.
Expert Comment
Jasmine Birtles, founder of MoneyMagpie, said: "People often spend hours searching for voucher codes to save £10 on a purchase, but never spend the same amount of time checking whether they are actually owed hundreds of pounds. Whether it is an old pension, a tax rebate, forgotten savings, or an unclaimed Child Trust Fund, there are billions of pounds waiting to be reunited with their owners. Spending just half an hour checking what you are entitled to could be one of the best-paid jobs you do all year."
Beware of Claims Companies
Almost every check in this article can be carried out free of charge using official Government services or the organisation holding your money. Be wary of companies that offer to recover money on your behalf in exchange for a percentage of your refund, particularly where the process simply involves filling in a free form online. If unsure, always start with the official website first.
Five Official Websites to Check Today
- HMRC Personal Tax Account – Check whether you are due a tax refund, review your tax code, and claim any eligible tax relief.
- Check your Council Tax band – Find out whether your property is in the correct band before deciding whether to challenge it.
- Government Child Trust Fund tracing service – Search for a forgotten Child Trust Fund for free.
- Pension Tracing Service – Locate workplace or personal pensions you have lost touch with.
- My Lost Account – Trace forgotten bank accounts, building society savings, and NS&I investments.
The Bottom Line
In a cost of living squeeze, it is natural to focus on cutting back. But before cancelling another subscription or giving up your morning coffee, it could be worth checking whether money is already waiting for you. After all, the easiest money to make is often money that was yours in the first place.
