Unclaimed assets and tracing service
NS&I has approximately £1.1billion of unclaimed assets in dormant accounts accumulated over 150 years. A dormant account is defined as one in which there has been no customer activity for 15 years.
NS&I’s unclaimed assets
Since February 2008, more than 556,000 people have recovered £614million held in forgotten or lost NS&I accounts.
Tracing service – more facts and figures
- An account opened in 1861 was the oldest one to be traced.
- The highest value trace was £278,835.53 in February 2004 – £258,835.53 in Savings Certificates and £20,000 in Premium Bonds
- NS&I still receives and repays 1,500 old Post Office Savings Bank passbooks each year (all issued pre 1970).
NS&I research – why people lose touch with their savings
- Over 7 million (16%) people have lost track of their savings and 40% have not tried to reunite themselves with their savings. However, more than seven in ten (72%) successfully found their money.
- 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 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.
*Research carried out by TNS ONLINEBUS among 2,481 GB adults aged 16+ between 10 and 16 February 2012.