You could have £1,500 in a lost bank account – how to track down forgotten cash
MILLIONS of savers could be sitting on around £1,528 of cash in lost bank accounts, new figures reveal.
The research found that around £7.4billion has recently been rediscovered by savers in either forgotten accounts or ones that have been declared dormant by their provider.
Ford Money found that the cash is often left untouched for an average of four years and that savers have uncovered more than £1,500 each in lost accounts.
Two fifths of those surveyed said that it was because they'd simply lost track of the money.
Luckily, there are ways that you can get it back.
Dormant accounts are ones that haven't been touched in 15 years. After this time, the banks are allowed to take the money for the '''' (BIG) which goes to charity.
Top tips for searching for a lost account
HERE are some of the best ways to get your money back, according to the experts at My Lost Account:
- If you can, submit the claim online. This enables to forward the claim to the relevant institutions with minimal administration and assists the internal search made by the institutions.
- Remember that an account opened many years ago may not have been in your current married name. Also, note that the account may have been opened while you were at a previous address.
- If known, give the sort code and account number.
- Accounts opened by parents and grandparents on your behalf may be jointly in their names; where relevant, they may also be in your maiden name.
If the account holder is still alive we will need to establish that you have their express authority to undertake the search and/or the appropriate legal authority.
- If you live overseas and don’t visit the UK, or cannot otherwise visit a branch, special arrangements may need to be made in support of your proving your ID.
- You can make a quick and ready search for outstanding NS&I Premium Bond prizes online using the prize checker at
- Do not pay a fee of any kind to undertake the search for your old bank, building society or NS&I account. This service is FREE if you apply direct to the institution concerned or through this website ().
Don't worry though because you can still get your money back as the banks also have an obligation to reunite you with your cash.
The banks won't do this automatically, so you'll need to get in touch with them first.
If you can't remember who you banked the money with you'll need to track it down using the free online service called which is run by UK Finance.
It will help you track down your lost personal accounts from 70 different providers, including 43 UK building societies, even if the provider has since closed or merged.
But you will need your sort code and the account number, while they will handle the rest.
Be warned though, the search process can take up to three months so you're unlikely to hear back from them straight away.
If your lost account is found then you'll need to provide ID to prove that you have a legal right to the money.
The account is then reopened and you can reclaim the lost funds, including any interest you may have accrued on it.
Use the if nothing comes of tracing and gather as much proof of the account as you can.
You can also trace lost money saved into child trust funds, lost insurance policies, pensions, Premium Bonds and investments.
We have a comprehensive guide here to how you can get that cash back too.
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Savers lose up to £300 a year from their pensions due to frequent job moves, which is why it's important to keep track of where you're investing your cash.
There are also more than 1.5 million currently unclaimed Premium Bond prizes worth more than £60million, according to the NS&I.
Meanwhile, London commuters have been urged to reclaim the £321million they've left unspent on Oyster cards.