Lost fortune that’s earning next to nothing
BILLIONS of pounds are languishing unclaimed in forgotten pension plans, savings accounts and National Saving & Investments products such as Premium Bonds.
It is vital to retrieve this money as it will be earning a pittance in interest – if any at all.
The Mail on Sunday revealed recently that as much as £500 million of NS&I Children’s Bonds that were given to youngsters has remained unclaimed as the owners have hit adulthood.
This money is earning a paltry 0.35 per cent interest in the Government-backed savings bank’s so-called ‘residual account’ – the graveyard home for matured forgotten NS&I savings.
Plenty of companies offer to track down lost cash for a percentage of the value of the unearthed treasure. But there is no need to pay for it.
UK Finance, the Building Societies Association and National Savings & Investments provide a free tracing service at website MyLostAccount.
For missing pensions, of which a staggering £20billion worth sit unclaimed, contact the Pension Tracing Service at gov.uk or phone 0800 731 0193.