Money
Managing your money
Forgotten bank accounts - how to get your money back
The Government is pressing ahead with plans to use hundreds of millions of pounds lying forgotten in bank and building society accounts
If a customer leaves money in an account untouched for 15 years it will be passed over to a Government agency and used to help young people in their community and to promote financial education.
However, a customer or their heirs will be able to reclaim their money at any time if they do come forward.
The banks estimate there is £350-£500 million in forgotten accounts and are busy trying to reunite people with their money.
You can enquire or find out more from the British Bankers' Association (bba.org.uk or 020 7216 8800) or the Building Societies Association (bsa.org.uk, 020 7437 0655).
There is also £435 million sitting in National Savings accounts - and a similar amount in expired certificates and unclaimed premium bond prizes. That money will not be taken into the new scheme.
If you think you or a relative may have forgotten National Savings products, its tracing service is on 0845 964 5000 or from the website nsandi.com
