Accumulated over 150 years of its history, NS&I has approximately £1.1billion of unclaimed assets in dormant accounts (where there has been no customer initiated activity for at least 15 years).
NS&I's unclaimed assets
Since February 2008, more than
724,000 people have used the service. Through both My Lost Account and our
tracing service, we have now reunited customers with over £586 million held in
forgotten or lost NS&I accounts since February 2008.
Tracing service – more facts and figures
The oldest trace is that of an Ordinary Account opened in 1861.
The highest value traced was a total of £278,835.53 (consisting of £258,835.53 in Savings Certificates and £20,000 in Premium Bonds) that was traced in February 2004.
NS&I has traced money for people now living overseas, including Australia, Thailand, Canada and Italy.
NS&I still receives and repays 1,500 old Post Office Savings Bank passbooks each year (all issued pre 1970).
Over 7 million (16%) Britons have lost track of their savings and two fifths (40%) of these people have not tried to reunite themselves with their savings.
The most common reasons for people losing touch with their savings is because they have misplaced their original account details (28%) or find it difficult to remember all the accounts they’ve opened in the past (27%).
Over a fifth (21%) have forgotten to update their address when they moved house and have lost track of their account as a result.
Many people have also lost track of childhood savings accounts, nearly a quarter (24%) were given savings or investments as a child, but have never found out the full details of the account.
60% of Britons who have lost track of their savings have made efforts to recover them. Of those people more than seven in ten (72%) have successfully found their money.
*Research carried out by TNS ONLINEBUS among 2,481 GB adults aged 16+ between 10 and 16 February 2012.