Child saving plans

Sep 10 2008

Thousands flock to claim 'forgotten savings'

More than 140,000 people have submitted search forms to see if they can reclaim money left in dormant bank and building society accounts.

Website www.mylostaccount.org.uk reported the statistic.

It combines the current account search schemes from the British Bankers' Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I).

On average, the website, which is free to use, has had over 760 claims a day since it launched.

Angela Knight, chief executive of the BBA, said it has been a "whirlwind six months" and said the site had made "the very best of starts".

John Prout of NS&I said that since 2001, the body had reunited savers with £102 million.

New proposals from the government, due to take effect next year, will bring in money from accounts that have been inactive for at least 15 years.

The cash will be used to fund various worthy projects, although account holders can still reclaim their money at any time.

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