Brits are losing out as millions left in dormant accounts

Britons have lost millions of pounds collectively “down the back of the nation’s sofa” through dormant bank accounts and unclaimed pension savings and Premium Bond prizes, research from Which? has found.

The consumer group said estimates show the nation is sitting on £51 million in unclaimed Premium Bond prizes, up to £1 billion in dormant bank accounts and £400m in unclaimed pension savings – equating to £54 for every UK household.

A survey of more than 1,300 Which? members found 10% believe they have lost track of Premium Bonds, 8% think savings have gone astray and 3% have untraced pension savings.

Which? said that while people can reclaim their lost money, it is worth noting that money from dormant bank accounts is donated to charity after 15 years.

It said typically, a current account will become dormant after a year of no activity and a savings account will become dormant after three years of no activity.

Which? said the provider will write to the customer asking if they want to keep the account open and if there is no reply the account will be marked as dormant.

Which? highlighted a free service at mylostaccount.org. uk which helps people trace their account or savings.

The website is administered by NS&I, the Building Societies Association and British Bankers’ Association.