Finding long lost savings

National Savings & Investments (NS&I) has said that it has clawed back £25 million in lost savings for customers in the last four years.

NS&I said that its tracing service, which is in its fourth year of operation, helps bring individuals back into contact with savings which they have lost over the years. It said it has helped 25,000 people find forgotten savings, including premium bonds and savings certificates.

It said that around 10,000 people who had used the service had gained an average of £1,025 each. Since NS&I closed the Ordinary Account last year, it had seen a 30 per cent increase in the amount of cash it found for former customers.

NS&I highlighted that many lose their savings when they move home. Paul Knight, head of sales development at the company, said: “It is vitally important that you give all your financial providers your new address so we can stay in touch with you.”

But he added that “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.”

© Adfero Ltd

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