Up to £15 billion is believed to be sitting in ‘lost’ savings accounts, premium bonds and pension and investment accounts.
Many people lose track of accounts when they move house, misplace statements or even change computer and forget to update their login details. Tracing these assets can be complicated, particularly after banks or investment companies merge or rebrand.
Share, record, research
Even if you have kept a meticulous record of your finances, it’s important to make sure family members know how to access them. Recent research suggests that one in seven people take hidden assets to the grave, as family members don’t know about long-lost savings accounts.
Avoid your hard-earned savings getting lost by updating your will, making sure executors have a copy of all financial accounts — or nominate a charity for some of these funds.
To track down lost accounts contact mylostaccount.org.uk – an online portal that traces old bank, building society, and NS&I accounts.
If you are interested in discussing the above with one of our experienced financial planners at FAS, please get in touch here.
This content is for information purposes only and does not constitute investment or financial advice. Tax rules are subject to change, and tax benefits depend on your personal tax position.