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Monday 30th July 2007
National Savings and Investments (NS&I) has announced that there is an estimated £435 million languishing in NS&I accounts that have been inactive for at least 15 years.
NS&I is launching an advertising campaign to try and reunite customers with their money, which is most often 'lost' because customers move house without giving a forwarding address, forget an account opened for a child or executors pass over an account when a person dies.
Halifax too have taken similar steps and estimates the money lost with the bank to amount to almost £50 million in 20,000 accounts.
Both banks will use press adverts and mailings to try and trace the owners of forgotten accounts.
The campaign has received cross-party support in the House of Commons, with over 60 MPs having signed an Early Day Motion congratulating Halifax.
Since launching its dormant accounts initiative six months ago, Halifax has reunited savers with around £6 million of forgotten cash, and NS&I have returned £42 million to customers since it was launched in 2001.
Mike Regnier, head of savings at Halifax, said: "The response to our campaign to reunite customers with their funds has been very encouraging, and we believe these next steps in the process will help more customers track down their money."
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