NS&I seeks dormant account holders

by Gill Montia

Story link: NS&I seeks dormant account holders

National Savings and Investments (NS&I), the Treasury backed savings provider, has launched an advertising campaign to help it locate dormant account holders.

NS&I is holding over £435 million in accounts where there has been no customer contact for at least 15 years.

Some of the funds were placed on deposit as far back as 1861 and one investor, with a last known address in Manchester, has had £184,000 in an account since at least 1990.

A number of leading banks and building societies are increasing their efforts to trace dormant account holders, at a time when the Government has outlined plans to use money in dormant accounts to fund youth and community projects.

The unusual step of seconding unclaimed funds in this way forms part of a 10-year programme, which will use the money to provide projects aimed at young people.

However, savers will be able to reclaim their funds and will still retain legal ownership of their money.

According to NS&I, people usually lose track of their accounts through moving house and not passing on details of their new address.

Another group of dormant accounts relate to people who have died, their executors being unaware that the account exists.

The NS&I has no time limit on reclaiming money in a dormant account and free tracing services are provided by NS&I, the British Bankers’ Association and the Building Societies’ Association.