Matthew is an award-winning journalist, specialising in savings, tax and insurance.
The government has set up a taskforce to reunite thousands of young adults with forgotten child trust fund (CTF) savings worth a total of £1.6bn.
An average £2,200 is held in over 750,000 dormant accounts, opened for children born between 2002 and 2011. But even if you don't qualify, you could still have money waiting to be claimed elsewhere.
From premium bonds to loyalty points, here are six places to look for hidden cash.
An estimated 6.3m CTFs were set up between 2002 and 2011 to encourage young people to become future savers. If a parent or guardian was unable to set up an account for their child, HMRC opened an account on the child’s behalf. All deposits were tax-free.
Many CTFs remain unclaimed, however, either because young adults are unaware they have an account or have lost details of it. The latest figures show that a total of £1.6bn is sitting untouched across over 750,000 CTFs.
Letters nudging account holders to take action were sent in April, but now the government has set up a dedicated taskforce to make sure money is reunited with savers.
The taskforce, which includes major providers such as HSBC and Nationwide, will explore ways to make it easier to find account holders, test better ways of reaching young people, and take practical steps to help more people reclaim their money.
If you think you or your child has a CTF, you can use the ‘find a child trust fund’ tool on the government website to see where your account is held. Then you can get in touch with the provider and check how to get your hands on your fund.
Premium bonds are popular for two simple reasons. First, you can save up to £50,000 with National Savings & Investments completely tax-free. Second, every bond gives you the chance to win up to £1m in the monthly prize draw.
But if you don't check your numbers, you may not realise you've won a prize. According to the latest NS&I data, there are 2,817,080 unclaimed prizes worth £123,537,625 waiting to be claimed by bondholders.
A prize is recorded as unclaimed if you haven't come forward to claim it after 18 months. The best way to avoid this happening is by opting to automatically receive your prizes via bank transfer or reinvestment.
To see whether you have a prize waiting for you, use NS&I's prize checker tool – or use its tracing service if you've lost your details.
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Unfortunately, some savings accounts have been opened and forgotten entirely. Billions of pounds are lying unclaimed in lost and dormant accounts, but finding the money is relatively straightforward.
If you know which bank or building society held your account, contact them directly and ask how you can make a claim. They may also have paper forms available.
However, if you know you have money squirrelled away but can't remember where you put it, then the My Lost Account service can help you search for forgotten savings pots from banks and building societies. It also includes National Savings and Investments (NS&I).
The service, which is a joint venture by the British Bankers’ Association, the Building Societies Association and NS&I, can take up to three months to complete, but getting started is straightforward and free.
Since 2018, the number of unclaimed pension savings has soared by 75%, with 3.3m pots worth £31.1bn now sitting untouched, according to the Pensions Policy Institute.
It's surprisingly easy to lose track of a pension. Changing jobs can leave you with several pots scattered across different providers, while moving house may mean important updates and statements are sent to an old address.
Even if you've gone paperless, forgotten passwords, lost emails or unused online accounts can make pensions harder to keep tabs on.
Pension tracing services work to find your old workplace and private pensions. To get started, they will need your name and National Insurance number, as well as details and dates of your previous employers. Usually, the more information you can give them, the better.
They then search pension providers' and employers' databases to track down your pot. Once they find any linked to you, you will be notified.
You can then have your pension pots transferred and consolidated into one or moved to an existing pension plan. This can be done either by the pension tracing provider itself or with another scheme.
The government offers a basic free pension tracing service that can help you find lost or forgotten pensions. Or you can choose to use a private firm. Take a look at our guide for more information on how to track down misplaced pots.
Whether you’re unsure if you have enough to retire, or are already accessing your savings, our money guidance service can talk you through your options. Which? Money members get unlimited access to them via phone.
Find out moreYou could be due a tax refund if you've paid too much tax. Reasons include an incorrect tax code, changing jobs or only working for part of the year.
In many cases, HMRC spots overpayments automatically and sends a P800 explaining how to claim. If not, you can go through HMRC's step-by-step online process.
Self-employed workers may also be due a refund if their profits have fallen since the previous tax year, although they'll need to submit their tax return before any rebate is paid.
Couples making marriage allowance claims may also be able to claw back some cash. This tax perk allows a person to transfer £1,260 of their personal allowance to their spouse or civil partner who earns more than they do. That amount is then effectively added to the higher earner's personal allowance.
You'll save up to £252 in tax in 2025-26 – but it's also possible to backdate your claim for up to four tax years, providing you were eligible during those periods. You can check and claim online for free through the HMRC website.
You may also qualify for a council tax reduction if you're living on your own, with students, providing care or living with people in specific circumstances. To apply, write to your council and appeal the decision if you think it got it wrong.
Most major supermarkets and stores offer loyalty points when you spend. Those can be used to get money off purchases with the same retailer or with partner companies on everything from clothes and travel to restaurants and theme parks.
But many shoppers don't realise they're sitting on old loyalty points that could see them save big on their next shop. And with some retailers imposing expiry dates, it pays to check now before those rewards disappear for good.
There's currently no dedicated service to help you hunt down forgotten points, so the onus is on you to check your loyalty scheme account and redeem earnings before they disappear.
Grace Witherden, money editor, says:
'A couple of years ago, I found a birthday gift card tucked away in my wallet, only to discover it had expired before I'd had the chance to use it. Since then, I've been much more careful about checking the terms as soon as I receive one.
If you're hunting for hidden cash, don't overlook old gift cards. Dig out any you've got stashed away and check the balance before it's too late.
'Some vouchers expire after as little as 12 months, while others have restrictions on where or how they can be spent. If a retailer goes bust, you could also lose the money altogether.
'My advice is to treat gift cards like cash: check the expiry date, set yourself a reminder if needed, and spend them sooner rather than later.'
