 |
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
Media centre /
Press releaseCLOSING THE FORGOTTEN SAVINGS GAP 11 November 2004£15m ‘lost’ cash traced in three years by National Savings and Investments ::: REGIONAL DATA AVAILABLE ::: More and more savers are collecting money left in lost or forgotten savings accounts, according to National Savings and Investments (NS&I), which has reunited 15,000 people with more than £15 million in lost or forgotten savings since it launched its free tracing service three years ago this month. The total amount traced so far is nearly double that traced this time last year, up from £8.2 million to £15.2 million, while the number of successful traces is up 60% on last year. A quarter of all traces initiated result in success. NS&I is celebrating the third anniversary of its free tracing service, launched on 1 November 2001, designed to help reunite people with their lost or forgotten savings and investments. The big numbers
Nearly half the total value traced so far – £6.6 million – is in Premium Bonds lost over the years, and a further £5.1 million is in Savings Certificates, shared among just 600 people, giving an average trace of £8,270. And the 86 people who used the NS&I tracing service and were reunited with their lost Pensioners Guaranteed Income Bonds – worth a total of more than £1 million – have been rewarded with an average trace of £11,720. Ordinary Account claims increase And since NS&I closed the Ordinary Account in January this year, there has been a 70% increase in the total amount of money traced for these customers, rising from £49,100 to £84,300. But there is still some £200 million in old and forgotten Ordinary Accounts waiting to be collected by customers, alongside 400,000 Premium Bond prizes worth £23 million. 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 this year found that one in six people (17%) who moved home in the last year forgot to pass on their new address details to their financial providers. In May 2003 NS&I found it was one in seven people (14%) who neglected to give their new address to their financial providers. Compared to this year’s figure of one in six, the problem has worsened. “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.” Royal Mail figures suggest more than 320 million letters could not be delivered last year, and the amount of undeliverable post has increased by 50% in the last five years. 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
Notes to Editors For more information, contact the NS&I media team
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
|
|
Search |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
 |
|
|
||||||||||||||||||||||||||||||
