Could you have missing cash saved in a forgotten bank account?

Could you have missing cash saved in a forgotten bank account?

According to a new analysis of bank records, savers could be missing out on billions of pounds of cash in forgotten bank accounts.

The research, conducted by Gretel, has estimated that there is around £4.5 billion sitting within lost bank accounts in the UK – with the average saver missing out on up to £450.

In total, lost savings specialists Gretel say that up to 10 million people could be affected by this issue, which also includes many individuals with unknown or forgotten pension pots from previous employment.

With many lost accounts enjoying compound interest, even small amounts deposited many years ago could have grown considerably over time.

The latest estimate comes after a similar survey was conducted by Ford Money, which found that the cash is often left untouched for an average of four years and that savers have uncovered more than £1,500 each in lost accounts.

Of those surveyed by Ford, two-fifths said they had simply lost track of the money during that period and forgotten that they saved it.

Savers can conduct a simple check for forgotten savings using the free My Lost Account tracing service, which works with more than 70 banking providers and building societies signed up for the scheme.

If you haven’t reviewed your savings, pensions and investments recently now is a great time to seek independent financial advice to uncover any lost or missing money.

Posted in Business.