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Media centre /
Press releaseFINDING THE FORGOTTEN SAVINGS14 November 2005£25m ‘lost’ savings traced in four years by National Savings and Investments Any day is a good day to discover savings you had forgotten you had, but with Christmas looming the prospect of a windfall is even more appealing. National Savings and Investments (NS&I), the government-backed savings and investments provider is celebrating the fourth anniversary of its free tracing service, designed to put people back in touch with lost and forgotten savings. And since the launch, NS&I has reunited approximately 25,000 people with a cash windfall of £25 million. Cashing in For around 10,000 people who used the NS&I tracing service in the last year, finding their forgotten savings was surprisingly easy, each netting an average of £1,025. The total amount traced by NS&I has increased by almost £10 million since this time last year, up from £15.2 million to £24.8 million, while the number of successful traces is up 60% on last year. Growing in popularity
Premium Bonds and Savings Certificates Premium Bonds - a popular gift bought for children by parents and grandparents as an investment for their child’s future – currently have over 400,000 prizes worth more than £25 million remaining unclaimed. And not surprisingly, over a third of the amount traced so far - £9 million – is in Premium Bonds lost over the years. A further £8.9 million is in Savings Certificates, shared among just over 1,000 people, giving an average trace of £8,927. Ordinary Account claims increase And since NS&I closed the 142-year old Ordinary Account in July 2004, there has been around a 30% increase in the total amount of money traced for these customers, rising from £84,000 to almost £110,000. Wrong address The main reason people lose touch with their money is because they move home and forget to give their financial providers their new address. Research from NS&I in May 2005 found that one in four people (26%) who moved home in the last year forgot to pass on their new address details to their financial providers. This is an increasing problem as only a year ago it was one in six people (17%) who neglected to give their new address to their financial providers. Stay in touch “Many people are quite literally just walking away from their money when they move home,” said Paul Knight, NS&I’s head of sales development. “It is vitally important that you give all your financial providers your new address so we can stay in touch with you. “But many people do seem intent on closing their own savings gap and, increasingly, are turning to our free tracing service to help find their lost or forgotten money. It is important for us to see this money go back to its rightful owner.” Tracing Service highlights (cumulative figures)
Free tracing service NS&I’s free tracing service helps customers locate any lost or forgotten funds, and there is no time limit on claiming back any money. The money – which remains 100% safe – is the property of the customer and NS&I does not benefit in any way from holding on to dormant savings. The tracing service form, available from 0845 964 5000 or at www.nsandi.com needs to be completed in as much detail as possible, including previous addresses, and returned to NS&I. The customer will be contacted once the trace has been completed, usually within one month. The British Bankers Association and the Building Societies Association also provide completely free tracing services enabling customers to locate their lost or forgotten funds. NS&I does not endorse any company which charges customers a fee to search for lost or forgotten money on their behalf. ENDS Notes to Editors 1. Research carried out by TNS PhoneBus, 15 – 17 April 2005 among 1,006 adults aged 16+. Respondents were asked “Have you moved home in the last 12 months?”, “When you moved home, did you forget to forward your new address to any organisation that you have savings, investments or another financial product with?”, “Do you think you have lost touch with savings you had from when you were a child?”. Previous research carried out by TNS PhoneBus, 7-9 May 2004 among 1,013 adults aged 16+. 2. * sixfold calculated as 24,759/ 3,732 = 6.63 3. For details of tracing service case studies and photographs in hi-res jpeg format, contact the NS&I Media and PR team. 4. British Bankers Association dormant account scheme: www.bba.org.uk. Building Societies Association dormant account scheme: www.bsa.org.uk
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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