There Are Billions Of Pounds In ‘Lost’ Bank Accounts

Have you got any savings you'd totally forgotten about?

There are billions of pounds in 'lost' accounts
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Millions of us struggle to keep our bank accounts ticking over every month, but it’s now been revealed that we could have more money stashed away than we thought…

The government has revealed that millions – possibly even billions – of pounds are sitting in forgotten bank accounts up and down the country.

It turns out there’s a huge amount of cash going unused and unnoticed in the UK. So, why is no-one claiming it?

Well, according to the report, a large chunk of the money is tied up in accounts once held by people who have passed away, with their next of kin yet to claim it.

It’s not just that either – Money Saving Expert recently estimated that while £850m is currently sitting untouched in old bank accounts, a huge £15b is thought to be stored in other forgotten pension schemes, insurance policies, premium bonds and other investments.

pound coin

‘Lost’ accounts are such a potentially big resource in fact that the government recently launched a ‘Big Society fund’ taking cash from accounts that have lay dormant for 15 years.

It’s a pretty concerning thought, but there is an easy way to check if you have any cash tucked away you didn’t know about.

The British Bankers’ Association, the Building Societies Association and National Savings & Investments have set up a new site called My Lost Account, which lets you check through your account history.

It’s definitely worth testing your finances – after all, you might have a tidy little investment tucked away that you’d totally forgotten about.

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Loaded staff writer Harry Fletcher has covered news, sport and entertainment for several major websites across the UK. Follow him on Twitter at @Harry__Fletcher.