A new website has launched today to help Brits track down their lost savings. Szu Ping Chan looks at how it could help reunite you with your money.
Thousands of British savers could find it easier to reunite themselves with over £1 billion of forgotten savings, thanks to a new website launched today.
Mylostaccount.org.uk sees three existing schemes from the British Bankers' Association (BBA), the Building Societies Association (BSA) and National Savings & Investments (NS&I) joining forces to help recover your lost assets.
The Savings Detective
Marketed as a `one stop shop' for people who want to trace lost accounts, the site is relatively simple to use.
If you think you might have a lost account with a bank, building society or NS&I, simply complete an online form providing as much detail as possible, including any previous names (such as your maiden name) and addresses.
And if you happen to find an old passbook lying around and are curious about what lies beneath, there is also the option of entering specific account numbers.
You can search across a number of providers, including 42 banks, all 59 UK building societies and all NS&I products -- your details only need to be completed once.
Once a trace has been completed, the relevant organisation(s) will contact you directly and help you to reactivate any unearthed dormant accounts. It's as simple as that!
You can even submit a third party request; for example as an executor, partner or next of kin -- although for obvious reasons security checks are made before any money is released.
Claims will be dealt with as soon as possible, but timescales vary between institutions. In any case, all claims will be responded to within three months of submission and within one month for NS&I queries.
A (Very) Charitable Donation
The site is part of a push by the banks and building societies to reunite customers with their money before the Government's Unclaimed Assets Scheme is introduced in 2009.
Under the scheme, accounts without activity for 15 years or more will have their funds transferred into a central account to be used for community projects. This means that approximately £250 to £300 million deposited in banks, £150 million in building societies and a further £466 million in NS&I in dormant and lost accounts will be put to good causes.
However, the ruling has no effect on your right to reclaim your assets, and you will still be able to claim back your money once the 15-year period is up.
It's important to remember that mylostaccount is designed to help existing avenues run more smoothly and efficiently rather than replace them completely. If you have details of specific accounts, then it may be quicker to go to the bank or building society directly.
You can also download forms from the site for the three existing schemes run by the BBA, BSA and NS&I, which have been in place since 2001.
So, whether you want to know the fate of that Premium Bond certificate you misplaced when you moved home, or just need helping hand sorting out Great Aunt Ethel's paperwork, the site is a useful starting point for all curious savers. Because as one well-known retail giant says: Every little helps -- especially where your finances are concerned.