Martin Lewis explains the simple way Britons can track down lost bank accounts

Ali KhanNov 12, 2020Business

Martin Lewis, MoneySavingExpert, offers a series of tips and tricks to help people save money, also providing important updates amid the COVID-19 pandemic. Today, he appeared on ITV’s This Morning, to help Britons with their money related queries. One Briton wrote in to ask Martin about a bank account she had lost after establishing this decades ago.

One Briton wrote in to ask Martin about a bank account she had lost after establishing this decades ago.

She had placed £1 into an account with the Midlands Bank back in 1989, and had subsequently forgotten about it.

Therefore, she wondered how to access this money, and whether it could have potentially grown over time.

This issue is likely to be an experience many people right across the country can share, particularly those who have put away sums into banks which have disappeared from the high street.

Martin said people in this position can still get their money back by following a simple process.

He recommended Britons log on to MyLostAccount.org.uk, a free service which helps people in looking for lost savings and accounts.

The service assists in reuniting individuals with their money and lost accounts through a tracing service.

It is thought millions of pounds could be lying in old bank accounts, pension sums and investments.

There are many reasons a person could lose touch with their account, such as a change in address or name.

But it is ultimately up to a person to track down their account if they wish to reclaim the funds to which they are entitled.

MyLostAccount is run by the British Banker’s Association, Building Societies Association and National Savings and Investments (NS&I).

It will give Britons the opportunity to search all banks, building societies and government-backed accounts free of charge.

All these individuals will need to do is complete an easy online form and provide relevant personal details.

Providing as much information about a lost account as possible is likely to be the solution to the problem, and help in tracking it down.

If a person has a sort code and account number, this can be even better in assisting the process.

If an account is found which matches a person’s details, they can expect to be contacted for the next steps to be explained.

This will then allow them to access the money to which they are entitled, as long as they provide proof of their identity.

Britons can also apply for this service on paper by visiting their bank or building society and asking for the relevant form.

The Money Advice Service has emphasised that money put away into lost accounts still legally belongs to the person who set up the account, even if they wait many years to claim it.

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip

Stay connected with us on social media platform for instant update click here to join our ????️????️ T witter, & Facebook