You are here: Home - Saving & Banking - News -

Dormant bank accounts ‘worth £2.8bn’

Written by:

Recent research by Experian, the financial information company, has revealed that UK current accounts that have not been used in recent times may be worth up to £2.8bn.

Of these UK current accounts, around 20% of the account holders said they would be using them again and 12% had deliberately left them to accumulate interest. However, around 26% of inactive UK current accounts holders simply did not know how to get back in touch with their funds.

The research was carried out on behalf of the Unclaimed Assets Registrar (UAR), which is a division of Experian, and was published in the week the Chancellor made reference to dormant UK current accounts in his pre-Budget speech,

Managing director of UAR, Keith Hollender, said: “The survey shows that around £2.8bn-worth of dormant UK current accounts belong to people who are alive. However, the figure does not include people who have died and may have left inactive accounts. The addition of these accounts can be no more than a guess, but it is likely that the total would be far greater.”

Two-thirds of the population support the idea that unclaimed funds from UK current accounts should be used for charitable purposes, as long as the true owners can still claim their money if they wish.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Cahoot raises its flexible loans rate

Cahoot, the online banking operation of Abbey, has angered its loan customers by raising the interest rate on its flexible...