reclaim lost cash in bank accounts and pensions

Reclaim forgotten cash

Find lost cash in old accounts & pensions

Up to £15 billion of unclaimed financial assets in the UK lie in old bank accounts, pensions, life assurance and investments – yet most are easy to reclaim.

So whether the account's yours or belonged to a deceased relative, it's worth spending 10 minutes looking. You could be in line for a windfall – one MSE forum user found an old pension worth £39,000.

What is a lost asset?

There's big money stored away waiting to be reclaimed. Some believe there's up to £850 million in old bank and building society accounts alone. There's also lost cash in Premium Bonds, pensions, investments and insurance policies – maybe up to £15 billion in total.

In fact there's so much lost cash, the Government has started to use it, setting up a 'Big Society fund' for social and community causes using cash in accounts that have been dormant for more than 15 years. As of January 2018, it was reported a further £330 million from dormant accounts was to be spent. 

However, any cash that is yours should still be available for reclaiming. You just need to do it!

And it really works – MoneySaver Lance reports:

Used the information on your site to search for any old pensions I might have had years ago. Found I had £39,000 pension with Scottish Widows. Thank you.


Read Lance's full story.

How do I know if I’ve got a lost asset?

As it's lost, you won't necessarily know that you have one.

Accounts are declared dormant after banks fail in attempts to track you down at your last known address. Investment providers will continue to administer your investment, but if you don't tell them when you move, you can't monitor how that investment's performing. There are two main triggers for financial service providers:

  • Returned letters and statements

    If the bank, building society or investment provider sends post, and it gets returned marked with an explanation that you don't live at that address anymore, it'll mark this on your account, and try to contact you through any other details it has.

  • Inactivity

    Even if mail is returned, if you're still using the account, it's likely to remain open. However, long periods of inactivity often cause accounts to be marked as dormant.

    The amount of time varies depending on the bank and the product. In general, current accounts are deemed 'lost' after about 12 months of no use, while savings accounts can be left for three to five years before the bank takes action.

This means that unless you have an inkling that you had an account with a provider, it's unlikely you'll find out about any dormant accounts. However, if there's any chance cash of yours is sitting unused in a bank's coffers, have a search as there's nothing to lose.

Better still, once you find a lost account, the interest rate is likely to be rubbish, so ditch it and switch to a top savings account.

You don't need to pay to reclaim...

There's absolutely no need to pay anyone to do this. A growing market of companies offer to track down your old assets for a fee. Ignore them! It can easily be done yourself without forking out the cash.

Depending on the type of product your assets are in – current accounts, savings, pensions, or various investments – a selection of organisations provide facilities to help search for unclaimed assets, many of which can be done quickly and at no cost online.

Tool to trace lost bank accounts and savings

Tracing old accounts and reclaiming your money from them used to involve filling in a different form depending on what type of account you were trying to locate; a bit of a repetitive strain. The good news is you can now use one site to check a whole bunch of them.

The British Bankers' Association, the Building Societies Association and National Savings & Investments (NS&I) have a joint venture, My Lost Account, which replaces their separate account tracing tools.

Use this to find lost current accounts or savings accounts. It's estimated the unclaimed cash in these could be £850 million, so it's worth it.

To start reclaiming, simply go to the site, select 'search' and you can fill in the details about the account you are looking for.

After that it's a waiting game; banks and building societies say they'll respond within three months of the claim.

If a bank/ building society can't agree on the validity of your claim you have the right to appeal internally through the bank and then, if still unsuccessful, to refer your complaint to the independent arbiter, the Financial Ombudsman Service. Also, see the Financial Rights guide for other complaints the FOS can help with.

How to trace old Premium Bonds

Lost your premium bonds? If you've lost Premium Bonds, or other NS&I savings or investments, the My Lost Account service helps you trace them. It's estimated there's over £400 million in lost NS&I savings accounts and Premium Bonds.

To start reclaiming, simply go to the site, select 'search' and you can fill in the details about the Premium Bonds or NS&I account you are looking for. NS&I says it'll get back to you within one month with the results of your search.

Have the bonds, but want to check if you've won? Once you've tracked down your Premium Bonds, and got your holder's number, you can check if you're owed one (or more) of the unclaimed prizes on the NS&I Premium Bonds prize checker. There's more than £50 million in unclaimed Premium Bond prizes.

Bonds that were bought more than 30 years ago are unlikely to have a Premium Bond holder's number associated with them – you're likely just to have the individually numbered bonds. If that's the case, you can write to NS&I to ask for one.

Have you reclaimed cash using My Lost Account? Please report your Reclaiming Lost Assets Success Stories.

Find hidden pensions and investments

It's not just bank accounts, in fact there's more money hidden away in old investments and pensions. Use the services below to find yours.

  • Pensions (employer and personal schemes only)

    Always try to keep in touch with your pension schemes as it may affect your ability to claim pension benefits when you retire if you lose contact. With details of over 200,000 pensions schemes The Pension Tracing Service helps you find an up-to-date contact address for the scheme you're looking for.

    Remember if a close relative has died without taking their pension, you may be eligible for that pension fund cash too.

  • Unit trusts

    For help in tracing unit trusts, you can contact the Investment Association, either by calling 020 7831 0898 or emailing

  • Investment trusts

    The Association of Investment Companies advise people to fill in their details on the My Lost Account website, to recover lost investment trust funds.

  • Catch-all service, but fee to pay

    If you've lost a insurance policy, pension, or shareholding, then the Unclaimed Assets Register (run by Experian) can be used to trace it. It does a single search of all companies signed up to the register – 4.5 million records, from around 75 different providers.

    If there's a match, you'll be given the provider's contact details so you can investigate further with them.

    However, this service is not free. You're charged a fixed fee, currently £25 each time you do a search.

Have you reclaimed cash from investments/pensions/life insurance? Please report your Reclaiming Lost Assets Success Stories

Can I reclaim assets of deceased relatives?

Yes. When using any of these searches you'll be asked whether the claim is for an account of yours, and if not, the name of the account holder is requested. At the point when the information is passed on to the account/investment provider, it will then contact you to confirm your identity, and work through ensuring the cash gets to the right person.

The process varies from case to case, but providing there was a will and there aren't any huge family rifts over who is entitled to the cash, it should go smoothly. Bigger reclaims are likely to take longer to sort out, but obviously the reward is higher too!

Ensure that a deceased relative's account is actually 'lost' before using the claim routes above. If you know the account details and which bank or provider it is with, then contact them in the first instance to track the account down.