Savings accounts are a good way to help Britons keep track of their money, but over time people may lose touch with them. The Money Advice Service has stated there is an estimated £850million lying unclaimed in lost bank accounts, and Britons may wish to take action. Lost savings, whatever form they take, is an issue which has been examined recently.
If cash lies forgotten for 15 years, then providers can choose to pass the money on through the Reclaim Fund.
This means funds can be redistributed to charitable causes and social enterprises.
It must be noted, though, that rightful owners can still take action at any time, coming forward to claim their funds.
The Government now plans to expand the dormant assets scheme to cover more forms of saving.
Established by National Savings and Investments (NS&I), the Building Societies Association and the British Bankers’ Association, the scheme endeavours to help Britons find money they may have misplaced.
Britons can use the service online, or apply on paper, and it can track down inactive accounts which have not been used for at least three years.
The more information a person provides about their lost account, the easier it will be for the service to find.
If a lost account is found, savers will need to prove that they are the rightful owner, and that they have a legal right to the money.
At present, the way to track down a lost pension can vary, but if someone has already contacted their former provider, then there is other action to take.
The Government’s Pension Tracing Service can help search a database of more than 200,000 workplace and personal pension schemes to help Britons find the contact information they need.
It is worth noting, however, the service will not tell individuals whether they have a pension, or what its value is.