Banking and Financial News

Unclaimed money 'totals £910m' - 04/02/2008

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Money lying in bank accounts unclaimed or forgotten about is estimated to total £910 million, according to National Savings and Investments (NS&I).

As the organisation launches an initiative to reunite people with long-forgotten or lost accounts, online manager Ayesha De Silva said NS&I has about £460 million in unclaimed money, while banks have around £300 million and building societies £150 million.

This, she claims, may be because people tend to have a few different accounts and simply forget to tell the relevant contacts when they move house. The money then remains untouched and accrues interest.

"Then you move house a few more times and it gets even further back in your memory and [the money] just sits there for years and years and years," Ms De Silva added.

People who think they may have money in a forgotten account can use NS&I's service to try and trace the funds.

According to the organisation, the largest amount left in an investment account is £184,000, with the owner of which last making contact in 1990.

© Adfero

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