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7m have Unclaimed Cash in old Account

Seven million Britons are under the impression they have an amount of unclaimed cash in an old bank account they no longer have access to, according to a survey by National Savings and Investments (NS&I).

Over 50pc of people who believe they have lost touch with their cash put it down to either forgetting the original account details, or losing track of all the accounts they had opened previously. 21pc of people also said they had forgotten to update their details with the bank after moving house, while a further 24pc said they had not been able to find out the details of a savings account they were given as a child.

At this time, even though interest rates are below average and saved money may not have accrued much interest, any amount of cash is likely to be helpful. 23pc of people say they would use the money to pay bills or pay off debts if it became available, while 9pc would use it to cover day to day living expenses.

Director General of Age UK, Michelle Mitchell said: “Billions of pounds, including £850m in unclaimed bank, building society and National Savings and Investments accounts, is currently lost or unclaimed”.

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