Find unclaimed assets How to find lost bank and savings accounts
If you think you may have a lost bank account or a lost savings account there are tracing schemes that can help.
In this guide we take you through the steps you should take to re-trace your lost money.
How to find lost bank accounts and lost savings
The easiest way to re-trace lost savings is to use the mylostaccount.org.uk service, run by the British Bankers' Association, Building Societies Association and National Savings and Investments (NS&I).
You can search banks, building societies and all NS&I products free of charge by completing one form online. Searches with banks and building societies will be completed within three months and within one month for NS&I.
The form will ask you to provide information about you such as current contact details, your date of birth and any previous addresses and names.
You will also need to provide as much information as you can about the account you think you have lost, such as:
- The branch you opened it at
- When you opened it
- When you last used it
- An approximate balance
- Type of account
- Sort code and account number
Paper mylostaccount forms are also available in bank and building society branches. If the provider finds an account that matches your information, it will contact you to explain how you can access the unclaimed funds, including any interest, in the account. You will need to provide proof of identity in order to access the money.
If you know which provider your lost account is with you can also contact it directly. You can also use NS&I's tracing service for lost savings held with it.
Find out more: Finding the best savings account - 4 steps to take to get the best savings account
What happens to lost money?
If your bank or building society loses touch with you it will mark your account as ‘dormant’.
There are two situations where your account can become dormant:
1. Your provider receives bank undelivered mail. They will make the account dormant for security reasons to prevent identity fraud
2. There has been no activity on the account (i.e. withdrawls or deposits) for a set period of time. Typically three years for savings accounts and one year for current accounts.
Once a bank marks your account as dormant it will stop contacting you and no further action will be taken with the account.
After 15 years, under the government’s dormant accounts scheme, unclaimed money in dormant bank accounts is given to charitable causes.
However, you will still be able to reclaim your money after this point by following the procedure explained above.
Which? Limited (registered in England and Wales number 00677665) is an Introducer Appointed Representative of Which? Financial Services Limited (registered in England and Wales number 07239342). Which? Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 527029). Which? Mortgage Advisers and Which? Money Compare are trading names of Which? Financial Services Limited. Registered office: 2 Marylebone Road, London NW1 4DF.