BBC Morning Live money expert Laura Pomfret has issued a warning that unclaimed UK bank accounts could see their contents transferred to charitable organisations unless owners reclaim them promptly. The warning comes as billions of pounds remain in dormant accounts across the country.
Why Accounts Become Lost
According to Pomfret, the issue commonly arises when people hold multiple bank accounts and lose track of one or more. Everyday situations such as moving home without updating personal details, going through a separation, or setting aside funds for projects that never materialise can lead to accounts becoming 'lost accounts'. This is far more common than many realise.
BBC Morning Live presenter Rav Wilding expressed surprise that people held more than one account, but Pomfret assured viewers it is "actually super, super common."
£2.1 Billion Reunited in First Half of 2026
Pomfret stated: "There's billions of unclaimed financial assets lying in old UK bank accounts, pensions and investments. £2.1 billion was reunited with people just in the first half of this year so people are finding them." She emphasised that while many accounts are being reclaimed, a significant amount remains unclaimed and could be at risk of being moved to charity under the government's dormant assets scheme.
How to Find Lost Accounts
Pomfret recommended using the free online service mylostaccount.org.uk, which helps locate UK-based personal bank, building society, and National Savings and Investments (NS&I) accounts. Users answer questions including whether the account was in their name, date of birth, current and previous addresses, and who they think the account was with. After the service reconnects them, individuals must then contact the bank directly to reclaim their funds.
Expert Opinions on Number of Accounts
Later in the programme, Rav asked whether there is a "correct amount of accounts" people in the UK should hold. Guest expert Holly Hamilton admitted she found herself in a similar position to Rav, having held onto the same account since her student days. Dr Oscar Duke shared a personal anecdote: "I was told I had a dormant one just the other day, I got an email; 24p plus interest!"
