Reclaim forgotten cash
Find lost cash in old accounts & pensions
There are billions of pounds in unclaimed financial assets scattered across old UK bank accounts, pensions, and investments, with many being straightforward to reclaim. Whether these assets are yours or belonged to a deceased relative, it’s worth dedicating 10 minutes to investigate. You might discover a significant sum – one ExEconomics user uncovered an old pension valued at nearly £138,000. The process is free and simple online, so avoid phone-based methods to prevent falling victim to scams.
What is a lost asset?
It is estimated that up to £50 billion might be held in dormant bank and building society accounts, Premium Bonds, pensions, investments, and insurance policies. These funds are commonly known as lost assets or unclaimed accounts.
How do I know if I’ve got a lost asset?
As these accounts become unclaimed, you might be unaware that you possess one.
Accounts are classified as dormant when banks are unable to reach you at your last recorded address. While investment providers will continue to manage your investment, failing to inform them of your new address prevents you from keeping track of its performance.
Financial service providers are mainly alerted by two key triggers:
1 – Returned letters and statements. If the bank, building society or investment provider sends post, and it gets returned marked with an explanation that you don’t live at that address any more, it’ll mark this on your account, and try to contact you through any other details it has.
2 – Inactivity. Even if mail is returned, if you’re still using the account, it’s likely to remain open. However, long periods of inactivity often cause accounts to be marked as dormant. The amount of time varies depending on the bank and the product. In general, current accounts are deemed ‘lost’ after about 12 months of no use, while savings accounts can be left for three to five years before the bank takes action.
If you suspect you might have an account with a certain provider, it’s improbable you’ll discover any dormant accounts without that suspicion. However, if there’s a possibility that some of your money is lying unused in a bank, it’s worth searching because you have nothing to lose.
Remember, if you do locate a forgotten account, the interest rate is probably quite poor. Therefore, transferring those funds to a high-yield savings account could significantly improve your financial returns.
You don’t need to pay to reclaim lost accounts…
You don’t need to pay anyone for this service. More and more businesses are offering to locate your old assets for a fee. AVOID THESE SERVICES. Typically, you can accomplish this on your own without spending any money. Be cautious about sharing your personal information with anyone who claims they can help you find lost accounts, as it could be a scam.
Depending on the type of product your assets are held in—whether they are current accounts, savings, pensions, or various investments—a variety of organizations can assist you in searching for unclaimed accounts, often quickly and for free online.
What happens if money in lost accounts is never reclaimed?
The Government set up the Dormant Assets Scheme in 2011 to reunite people with lost cash that’s been left untouched for 15 years or more. Under the scheme, if an asset’s deemed to be dormant and can’t be reunited with its owner, it can be transferred to the Reclaim Fund and used to fund environmental and community projects around the UK.
In February 2022, the initiative was broadened to encompass various assets from the pensions, insurance, investment, wealth management, and securities sectors, beyond just cash in banks and building societies.
Participation in this initiative is optional, so not all financial institutions are involved. However, all major high street banks and building societies have joined. The primary objective for any participating company is to attempt to reunite customers with their lost assets.
Funds can only be transferred to the Reclaim Fund if it is not feasible to reunite lost assets with their owners. Even after the transfer, owners retain the right to reclaim their assets at any time.
How to trace lost bank accounts, savings accounts and Premium Bonds
Billions of pounds are estimated to by lying unclaimed in old current and savings accounts and in lost Premium Bonds. You can trace all three by filling in one form. All you need to do is:
Use ‘My Lost Account’ to start a free search
My Lost Account is a collaborative initiative by UK Finance, the Building Societies Association, and National Savings & Investments (NS&I).
To begin the process of reclaiming a lost account, click the provided link to initiate a search. You’ll need to enter some personal details and any information you have regarding the account in question. After submitting your information, you’ll need to wait for a response. Banks and building societies typically respond within three months, while NS&I strives to reply within a month.
If a bank/building society can’t agree on the validity of your claim, you have the right to appeal internally through the bank and then, if still unsuccessful, to refer your complaint to the independent arbiter, the Financial Ombudsman Service (FOS). See our Financial rights guide for other complaints the FOS can help with.
It’s important to remember that if a bank or building society believes it has your up-to-date contact information, it may not classify your account as lost. Consequently, you won’t be able to recover the funds through My Lost Account. In such cases, you should reach out to the institution directly or utilize the comprehensive service discussed later in this guide.
Found lost Premium Bonds? Now check if you’ve won
Once you’ve tracked down your Premium Bonds, and got your holder’s number or NS&I number, you can check if you’re owed one (or more) of the unclaimed prizes on the NS&I Premium Bonds prize checker or on the NS&I prize checker app. There’s more than £79 million in unclaimed Premium Bond prizes, ranging from £25 to £100,000.
If you find you do have an unclaimed prize, and you’re registered for NS&I’s online and phone service, you can phone 08085 007 007 to start your claim. For more info, including on what to do if you don’t have a holder’s number because your bonds are more than 30 years old, see our Unclaimed Premium Bond prizes.
How to find old pensions, investments and insurance policies
The total value of forgotten investments and pensions is believed to exceed £26.6 billion. If you suspect that a portion of this might belong to you, utilize the following services to locate it…
- Pensions (employer and personal schemes, NOT state pension)
It’s important to stay updated on your pension plans, as losing track could impact your ability to access benefits upon retirement. Start by reviewing any old documents or reaching out to the HR departments of former employers to assist in locating information about any previous workplace pension schemes you may have participated in.
If that doesn’t get you anywhere, try the simple, free tool from the Pension Tracing Service. It has details of more than 200,000 different pension schemes, and will help you find an up-to-date contact address for the scheme you’re looking for.
Remember, if a close relative has died without taking their pension, you might be eligible for that pension fund’s cash too. The amount will depend on the type of pension they had.
- Unit trusts
For help in tracing unit trusts, you can use the Investment Association’s Unclaimed Assets Portal. You can also contact the Investment Association on 020 7831 0898 or by emailing enquiries@theia.org.
- Investment trusts
The Association of Investment Companies advises people to fill in their details on My Lost Account to recover lost investment trust funds.
- Insurance policies
If you’re trying to trace an insurance policy in your name, it’s best to contact the company first. If you can’t contact the provider, it may be that it’s changed its name – this list of insurers from the Association of British Insurers can help with name changes (it’s titled pension providers, but many also provide insurance policies). If that hasn’t helped, it’s best to then use a catch-all service (see below).
Catch-all service
- Gretel – This free catch-all service launched in April 2022. Not all financial institutions are signed up to Gretel, so you may not get a match straightaway – but it will continue to search for lost accounts on your behalf, and will let you know if your details match a lost account with a company that joins in future.
To begin a search, simply enter your name, address, and date of birth. Gretel will perform a ‘soft search’ on your credit report—this process is non-intrusive and won’t impact your credit score or be visible to lenders—to verify your identity and identify any previous addresses where accounts might be registered.
Additionally, Gretel now offers a service to locate lost assets for vulnerable individuals or deceased relatives.
According to Gretel, they employ bank-level security measures to protect your information and guarantee that your data will not be sold to third parties. The sole purpose of collecting your data is to help you recover any lost accounts.
Can I reclaim assets of deceased relatives?
Yes! Here’s a unique version of the article while retaining the original meaning:
When you use any of these search tools, you’ll be prompted to specify whether the claim pertains to one of your accounts. If it does not, you’ll need to provide the name of the account holder. Once this information is relayed to the account or investment provider, they will reach out to verify your identity and ensure the funds are correctly allocated.
Before proceeding with the claim methods mentioned, confirm that the account of a deceased relative is genuinely ‘lost.’ If you have the account details and know the bank or provider, it’s best to contact them directly to locate the account.
The process can differ depending on the specific circumstances and whether there was a will in place or if the estate was managed through a probate grant. If the discovered assets are modest and there are no major family disputes about entitlement, the process is likely to be straightforward. However, larger claims may present more challenges, though they also offer potentially greater rewards.
For additional assistance with managing the finances of a deceased person, refer to our Guide to Probate.