Advantages FREE, EASY TO FOLLOW
Disadvantages DON'T EXPECT TO RETIRE EARLY
Having recently submitted my annual tax return, I had to think hard of all the accounts I had, savings and other such things, which got me thinking onto the subject of whether I had missed any. I think that I have remembered all, but then I thought, what if I had forgotten about an account which was opened for me when I was a child and has long since been forgotten about and now considered dormant by the financail institution.I did a bit of research on this, and some of the figures I have come up with are quite shocking. It is estimated that as much as £500,000,000 is lying unclaimed in bank and building society accounts, while almost as much again is held in dormant accounts by NS&I - plus another £29,000,000 in unclaimed Premium Bond prizes. The majority of the £29,000,000 is mainly composed of £50 prizes, although the largest unclaimed prize at the moment is £25,000.
Through my research, I have come across this new service which is absolutely FREE:
WHO RUNS ITThe site is run by the British Bankers' Association (covering 42 banks), the Building Societies Association (covering 59 building societies), and National Savings and Investments. Together (so they say), they represent most of the firms that offer savings and current accounts in the UK.
SITE APPEARANCEThe site is easy to follow and understand, with no complicated jargon, with a cream background, and green boxes with easy to understand instructions
HOME PAGEThe Home page has tabs that you can click on to go to the following areas:- Home, About the Owners, About The Service, FAQs, Help, Search, Download Forms, Ten Pledges, Contact, Media Centre
IS THIS FOR YOU?Mylostaccount.org.uk is designed to help where the customer is unsure of which bank or building society holds an account to which they have entitlement, including instances where the bank or building society has since closed or merged.
SEARCHING FOR DORMANT ACCOUNTTo help find your account (and potentially your missing millions) they need as much information as possible.
If your enquiry is simple it should only take a few minutes to complete the questions on the site. More complex enquiries may take a little longer.It will help you if you have to hand all the information you have about the account you are looking for.
Once you have finished, the information you give will be sent to all the institutions that you indicate might be holding your account.QUESTIONS ASKED
The types of question that you will be asked will be as follows:-NAME
Please enter an email address to ensure that you get an immediate acknowledgement of this claim.
ACCOUNT HOLDER DETAILS
If you list your maiden name or any other names, these will all be checked.
ACCOUNT AND BANK
If you select "Don't Know" you will be able to search for the bank or building society. Make sure that you select the correct bank - for example, if you are looking for a Woolwich account, it is helpful if you could tick Woolwich and not Barclays.
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