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£850 Million Sits In Old Bank Accounts And You Can Search For Your Lost Cash

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£850 Million Sits In Old Bank Accounts And You Can Search For Your Lost Cash

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Believe it or not there's an estimated £850 million left in old bank and building society accounts and it's now fairly quick and easy to check if any of it belongs to you.

According to personal finance blogger Charlotte Jessop - who blogs as Looking After Your Pennies - posted a clip to TikTok in which she explains how simple it is to find out if you've got any cash lying around in old bank accounts.

She said: "Maybe you had a bank account as a child or you've had several bank accounts along the way and you've lost track of those.

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"There is an estimated £850 million sitting in dormant bank accounts here in the UK and perhaps some of that money is yours."

Well, that'd be nice, wouldn't it?

Charlotte adds: "The government has created a way for you to track those lost bank accounts.

"So, the website is called mylostaccount.org.uk and if you go here it will give you all the details you need to trace these old bank accounts.

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"You can see here they'll help you find savings and lost accounts from when you were a child, or even an adult."

Credit: TikTok/@lookingafteryourpennies
Credit: TikTok/@lookingafteryourpennies

The site was set up by the British Bankers' Association, the Building Societies Association and National Savings and Investments (NS&I) and can help people find any lost accounts from UK banks, building societies or NS&I.

It even checks a 'long list' of banks and building societies that have since closed or merged.

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The site explains: "There are many reasons why people lose touch with their accounts, but the most typical cause is a change of address.

"Banks, building societies and NS&I seek to keep in touch with their customers and will contact a customer if an account has been inactive for an extended period.

"If no response is received, the bank, building society or NS&I will stop sending correspondence and will class the account as 'lost'.

"This is done to prevent ID theft and fraud."

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Credit: PA
Credit: PA

With so many lost accounts out there - around half a million, according to moneyadviceservice.com the search can take about three months to complete, and it'll only flag up accounts that have been inactive for three years or more.

But if one is found in your name then you'll need to prove that you are who you say you are and that you're legally entitled to the cash.

Once that's done, the account can be reopened or you can reclaim the money.

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You'll also get any interest that's built up over that time.

You can find out more, or start your search, here.

Featured Image Credit: PA

Topics: UK News, Money, Interesting, UK

Claire Reid
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