Bid to reunite people with forgotten savingsSome accounts have not been touched in 15 years

28 July 2007

 

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National Savings and Investments today launched an advertising campaign in a bid to reunite people with £435 million of lost savings.

The Treasury-backed savings group said it was trying to reunite people with money in accounts that have not been touched for 15 years.

It has around £239 million sitting in investment accounts and £196 million in savings accounts.

Free tracing

The campaign, which includes press, internet and radio adverts, is the first time the group has ever advertised its free tracing service.

The financial services industry has launched a major drive to reunite people with so-called dormant accounts ahead of government plans to release the estimated £350 million to £500 million that has been untouched for 15 years and use it to finance community projects.

NS&I launched its tracing service in November 2001, and since then it has reunited 43,000 people with around £42 million.

Forgotten accounts

The group said the most common reason people lost track of their accounts was because they moved house and did not pass on their new address to it, often because they had forgotten about accounts that had been opened for them as a child.

It added that other money had gone untouched because people had died and their executors had not realised they had an account with the group.

Peter Cornish, NS&I customer director, said: 'We want to help reunite as many people as possible with savings they have forgotten they had invested with NS&I, or as we were formerly known, National Savings.

'We have launched an advertising campaign to jog as many memories as possible and the service is completely free-of-charge.'

Application forms for the tracing service can be obtained at www.nsandi.com or by calling 0845 964 5000.

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