Research indicates that British savers have collectively lost nearly £5 billion in forgotten bank, building society, and other financial accounts, according to new data. Approximately £4.5 billion is estimated to be held across 14 million unclaimed retail bank and building society accounts, with an additional £450 million in 2.4 million unclaimed holdings at National Savings & Investments (NS&I), including Premium Bonds.
The findings coincide with UK Savings Week, observed from September 21 to 27, when consumers are encouraged to verify whether they have any dormant financial assets. Gretel, a service dedicated to helping individuals locate lost accounts, highlights that the process can be straightforward and take only a few minutes. Duncan Stevens, CEO of Gretel, noted that many accounts become disconnected due to factors such as changes in address or contact details, as well as provider name changes or mergers.
On average, a lost retail bank or building society account contains about £321, while the average unclaimed balance at NS&I is estimated at £191. Consumers can use their name and address to register for free on platforms like Gretel or My Lost Account, which offers similar services for banks, building societies, and NS&I holdings. Neither service charges fees or takes a commission on recovered funds.
Additional resources are available for tracing other types of lost financial assets. The government’s Pension Tracing Service assists individuals in locating details of former workplace or personal pension plans. NS&I provides a tracing service specifically for Premium Bonds and other investments. For those seeking lost insurance policies, the Association of British Insurers and the Association of Financial Mutuals provide guidance on how to track down unclaimed insurance assets.
For funds or property linked to deceased relatives who passed without a known will or next of kin, the Unclaimed Estates list on the government’s website offers a way to search for entitlements. Those who formerly held shares in companies that have since dissolved can also explore records available through Companies House or government portals.
Experts caution consumers to avoid any service that demands upfront fees, as most legitimate tracing services are provided free of charge. The emphasis remains on using official or trusted channels to recover money that might otherwise remain unclaimed.