Billions in Unclaimed Savings
Millions of people could be missing out on money that is rightfully theirs, with 'potentially billions' sitting untouched in forgotten bank accounts, according to finance expert Laura Pomfret. The warning comes as new figures suggest that in the first half of 2026 alone, around £2.1bn was reunited with people who had lost track of their savings, held in either pensions or bank accounts, often for years.
Why Accounts Are Forgotten
Speaking on BBC Morning Live, Laura Pomfret said it is far more common than many realise to lose track of accounts. She explained: “Losing track (of an account) is actually super common. Lots of people have lots of bank accounts for lots of different reasons.” Accounts can become 'forgotten' for simple reasons, such as moving house without updating details or losing access to an old email address used to communicate with a bank. In some cases, families only discover accounts after a loved one has died and their finances are being sorted.
Dormant Accounts and the Law
Some banks refer to these as 'dormant' accounts if they have not been used for years. But after 15 years of inactivity, money can be transferred under the Dormant Assets Act 2022 to fund social and environmental projects, meaning it may no longer sit with the original provider.
How to Check for Lost Accounts
Experts say it is worth carrying out a quick check - even if you are unsure whether you have an old account. People who remember a specific bank or building society can start by visiting a branch with identification and proof of address. Staff may be able to confirm whether an account exists, even without full details such as a sort code or account number.
For those starting with no information, a free online tool can help. The My Lost Account service allows users to search for accounts held with banks, building societies and NS&I. Laura said: “You don't need to make a personal account on the website, you don't even have to provide an email address - but that might take a bit longer to process as they'll post information out to you.” If a match is found, the financial institution will contact the person directly.
Searching on Behalf of Someone Else
The process is slightly different when trying to trace accounts belonging to someone who has died. In these cases, experts recommend using the Death Notification Service, which allows users to inform multiple banks and financial providers at once. Laura said the service is particularly useful when details are unclear. She explained that users can select multiple institutions at once without needing account numbers, adding that relevant organisations will respond if accounts are identified.
Why It Matters
With billions potentially sitting unclaimed, experts say checking for lost accounts could result in an unexpected financial boost at a time when many households are under pressure. While the process is straightforward, many people simply never get around to it - leaving money untouched and, in some cases, eventually redirected elsewhere. As Laura put it, forgotten accounts are far more common than people think - and checking could reveal money that was 'always there' but simply slipped through the cracks.
