Savers told check bank account as contents could be moved, BBC expert | Personal Finance | Finance

Britons could be missing out on their own money, which risks being transferred to charitable organisations before they have the opportunity to reclaim it. BBC money expert Laura Pomfret shed light on the multi-billion pound problem of unclaimed UK bank accounts, urging people to take action.

The issue arises when people hold multiple bank accounts and lose track of one or more. This can occur in a range of everyday situations, such as neglecting to update personal details while moving home, going through a separation, or setting aside funds for projects that never materialise. These accounts subsequently become ‘lost accounts’.

While BBC Morning Live presenter Rav Wilding appeared puzzled by the notion that people held more than one bank account, Laura assured viewers it is “actually super, super common”.

Laura added: “There’s billions of unclaimed financial assets lying in old UK bank accounts, pensions and investments. £2.1billion was reunited with people just in the first half of this year so people are finding them.”

To encourage people to act promptly, Laura also highlighted that should an account lie dormant, or remain unused, for 15 years, banks are permitted to transfer the funds to a charitable cause under the Dormant Asset Act 2022.

Furthermore, while those accounts sit unmonitored, they may still be accumulating interest, overdrafts, charges, or fees that could require urgent attention. If you suspect you might have a dormant bank account, Laura suggested beginning by getting in touch with the bank you believe held it.

This can be done by telephone or face-to-face, and you may be required to provide ID or proof of address to verify you are the legitimate account holder, even without the account number or sort code.

Laura continued: “But if you don’t know who the bank or Building Society is, there’s a really good website called mylostacount.org.uk. This is a free online service where you can find UK-based personal bank, building society, and national savings and Investments, or nsni accounts.

“You’ll answer a series of questions, including whether you think the account was in your name or not your dated birth current addresses previous addresses, and who you think the account was with.”

After the service has reconnected you with your account, it will be down to you to communicate with the bank to reclaim your funds. Later in the programme, Rav asked whether there’s a “correct amount of accounts” people in the UK should be banking with.

However, Laura confirmed this depends on each person’s particular circumstances.

The finance expert disclosed she personally prefers to keep matters ‘simple’ with just a handful of different pots, each serving a distinct purpose. Rav, conversely, stated he’d maintained the same single account “since I was born”.

Holly Hamilton, a guest expert on the show, admitted she found herself in a similar position to Rav, having held onto the same account since her student days. Meanwhile, Dr Oscar Duke offered a rather timely anecdote of his own: “I was told I had a dormant one just the other day, I got an email; 24p plus interest!”