The Government has announced plans to take money left in bank accounts that it considers have been abandoned by the account holders. Therefore savers who have forgotten about old accounts are being asked to track down their forgotten money.
The Chancellor, Gordon Brown, said this week that he was looking to take the money from accounts that have been inactive for 15 years. The aim is to use the money to reinvest it in the community.
People who discover that they have money in old accounts can claim it back even after it has been reinvested but they could face delays or extra paperwork.
It is anticipated that this announcement will get people hunting for old bank books around the country.
People can also contact National Savings and Investments to use their free tracing service on 0845 964 5000. National Savings currently holds £200 million in lost or accounts or unclaimed Premium Bond Prizes.
Other organisations also offer tracking services, these are:
- The British Bankers Association (0207 216 8909)
- The Building Societies Association (0207 437 0655)
- The Pension Tracing Service (0845 600 2537)
- Investment Management Association (0207 831 0898)
The Unclaimed Assets Register will carry out a full search however this is subject to a fee of £18. They can be contacted on 0870 241 1713.
Savers urged to claim their forgotten savings
Savers urged to claim their forgotten savings
Wed, 07 Dec 2005
Recommended links
Find the best savings dealsGet the most from your bank account
Need help consolidating your debts?
<% Randomize: ord=int(rnd*1000000000) %>
 %>?)
| savings news |
|---|
| Skipton Building Society offers savers holiday vouchers - Fri, 29 Aug 2008 |
| Scarborough Building Society announces new guaranteed savings rates - Thu, 28 Aug 2008 |
| Saving rates reach 3.3 per cent - Thu, 21 Aug 2008 |
| More News |
