UK banks, building societies and pension schemes are sitting on over
£50 billion in dormant accounts and lost assets belonging to ordinary people.
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£50 Billion in Forgotten Money: Is Any of It Yours?
Every year, millions of UK residents lose track of bank accounts, savings, Premium Bonds and pension pots — not through negligence, but simply through life. A change of address, a job move, a bereavement. The money doesn’t vanish. It sits in a database, waiting for its owner to come back for it.
Why so much money goes unclaimed
The UK financial system has accumulated decades’ worth of dormant accounts. Under the Dormant Assets Act 2022, funds held in accounts with no activity for 15 years or more are transferred to the Reclaim Fund Ltd and redistributed for social good causes — but the rightful owner can reclaim every penny at any time, with no deadline and no expiry. Beyond bank accounts, an estimated £26 billion sits in lost and forgotten workplace pension pots, with the average UK worker changing employer eleven times in their lifetime and often leaving behind a pension with each move.
Who can search — and how
The official free search tool is My Lost Account (mylostaccount.org.uk), backed by UK Finance and the Building Societies Association. It covers more than 40 banks and building societies in a single search. You provide your name, date of birth and any previous addresses; participating institutions investigate internally and contact you within three months if a match is found. For lost pensions, the government’s free Pension Tracing Service holds contact details for over 200,000 workplace and personal pension schemes — search by former employer name and reach the scheme administrator directly.
Beware of paid “tracing” services
As awareness of dormant accounts has grown, so have the number of companies that charge upfront fees or take a percentage of recovered funds to run searches on your behalf. There is no reason to pay. My Lost Account and the Pension Tracing Service are entirely free, require no registration, and are just as thorough. Always search the official tools yourself before engaging any third-party service — you may find your money in minutes at no cost whatsoever.
Frequently Asked Questions
1. Can I search on behalf of a deceased relative?
Yes. My Lost Account allows searches by executors, administrators of estates and legal next-of-kin. You will need to provide proof of your authority (such as a grant of probate) when contacting the institution directly after a match is found.
2. Is it really free — no hidden charges?
Completely free. My Lost Account, the Pension Tracing Service and NS&I’s prize and savings tracing tool all charge nothing to search. No account, no registration and no percentage of any recovered amount is required.
3. How long does it take to get the money back?
My Lost Account results are returned within three months. Once a match is confirmed, most straightforward bank claims are settled within four to eight weeks. NS&I processes most claims within 30 working days. Pension claims vary by scheme but are typically resolved within two to three months.