National Savings and Investment has launched a new campaign intended to reunite customers with the £435 million that has been lying dormant in various saving accounts for at least 15 years.
NS&I will use a nationwide advertising campaign to promote its Tracing Service which encourages savers with neglected savings accounts to come forward and reclaim their money.
The accounts most commonly forgotten include Post Office Saving Accounts (1861 – 1969), Ordinary Accounts (1969-2004) and Investment Accounts (1966-present).
The primary reasons for these accounts being neglected, says NS&I, is that many people move house and fail to give their new address to their account holder, die without anyone knowing they hold the account, or just forget about the account altogether.
The free service was first launched by NS&I in 2001 and has since helped 43,000 people to claim £42 million, thus far; the new advertising campaign – using press, internet and radio – is to increase the number of people being reunited with their cash.
Peter Cornish, Customer Director for NS&I, said, “We want to help re-unite as many people as possible with savings they have forgotten they had invested with NS&I, or as we were formerly known, National Savings. We have launched an advertising campaign to jog as many memories as possible and the service is completely free-of-charge.”
Earlier this year, Halifax became the first bank to sign up to the Unclaimed Assets Register, operated by Experian, when it launched a reunification scheme which seeks to reunite some 110,000 HBOS customers with £50 million in dormant cash, £44 million of which is with Halifax.
Learn more about the Halifax Reunification Programme
Find out about ISA Savings Accounts