Money in forgotten bank and building society accounts is never lost. Here’s how the Dormant Assets Scheme works, and how to trace an old account for free through My Lost Account.
Summary
- An account becomes dormant after 15 years with no customer-initiated transactions, but the money remains yours and can be reclaimed in full at any time.
- Dormant funds are transferred to Reclaim Fund Ltd, which holds back enough to meet reclaims and passes the rest to social and environmental initiatives.
- Since 2011, 30 banks and building societies have released more than £745 million from dormant accounts holding over £1.35 billion under the scheme.
- The My Lost Account service traces accounts with banks, building societies and NS&I for free, and you should never pay anyone to run a search.
- Banks keep records of fully closed accounts for only six years after closure, so a very old closed account may leave nothing to trace.
It is surprisingly easy to lose track of a bank account. An old savings account opened in a previous name, a current account abandoned after a house move, or a child’s account set up by a parent can all slip from view. If that happens, the money is not lost, and tracing it through the official services costs nothing.
How bank accounts become dormant
Under the Dormant Bank and Building Society Accounts Act 2008, an account counts as dormant once there have been no customer-initiated transactions for 15 years. Providers do not set out to lose touch with customers. But if it is clear you no longer live at the last known address, there would be a substantial risk in sending statements there, so contact often stops.
Before classifying an account as dormant, providers make tracing efforts. They may try to find you through Royal Mail, email, telephone, a tracing service or a credit reference agency. Only when these attempts fail and the account stays unused can it be transferred into the scheme described below.
The Dormant Assets Scheme: where the money goes and how it’s protected
The scheme set up by the 2008 Act is led by the financial industry and backed by the government. Participating banks and building societies transfer dormant funds voluntarily to Reclaim Fund Ltd (RFL), the scheme’s administrator. RFL keeps back enough money to meet future reclaims and passes the rest to social and environmental initiatives through The National Lottery Community Fund.
Consumer protection sits at the heart of the scheme:
- Reunification first. Firms must try to trace the owner before transferring anything.
- Full restitution. You can reclaim the amount you would have been owed, in full, at any time, and the right passes to your legal heirs.
- Ownership is unchanged. The transfer has no bearing on your right to the funds.
Since 2011, 30 banks and building societies have taken part, releasing more than £745 million from dormant accounts out of over £1.35 billion held in them. The Dormant Assets Act 2022 expanded the scheme to cover insurance and pensions, investment and wealth management, and securities, which could make a further £880 million available.
Tracing a lost account with My Lost Account
My Lost Account is a free tracing service associated with UK Finance and the Building Societies Association. It covers UK-based personal accounts only. If you already know which bank or building society holds the account, contact that provider directly.
The service uses separate forms for banks, building societies and National Savings and Investments (NS&I). Before you start, gather whatever you remember: sort codes, account numbers, previous names and addresses. An account opened for you by a parent may be in their name, or in a name you no longer use. Online applications are processed faster than paper ones, and you get an email alert each time a provider completes its search.
Top tip
Never pay a fee to trace a lost bank, building society or NS&I account. The search is free through My Lost Account or direct to the provider.
What proof you’ll need before the money is returned
A provider will verify who you are before releasing funds, so expect to confirm your identity and your connection to the account. Useful details include the approximate date the account was opened and any addresses you lived at when it was active. If you are searching as an executor or next of kin, you will need to provide the date of death and show you are legally entitled to act, for example as an executor or under a power of attorney.
One limit to know about: banks and building societies only need to keep records of closed accounts, where all the money was withdrawn or transferred out, for six years after closure. A properly closed account from decades ago may leave nothing to trace.
Where else to check
| Situation | Where to search |
|---|---|
| You know the bank or society | Contact the provider directly |
| You don’t know the provider | The My Lost Account service |
| NS&I products, including Premium Bonds | NS&I’s own tracing service |
| Searching for someone who has died | A separate application, with the date of death |
Building societies are covered by a dedicated Building Societies Association form, and the search includes societies that have merged or become banks. Membership rights attached to a building society account are preserved under the scheme. NS&I runs its own tracing service and aims to confirm any accounts or investments within a month of receiving an application.
Smaller banks and building societies, those with group assets below £7 billion, may use an alternative arrangement that passes part of a dormant balance to local charities. The owner’s right to reclaim the money is still protected.
If the bank says it can’t find your account
An empty result is not always the end of the search. Apply again with variations of the name used when the account was opened, or with a previous address. Check whether the provider has merged with another firm and apply to the successor. NS&I should be searched separately, since it uses its own form.
If an account cannot be found, it may have been closed and the balance withdrawn long ago. Where money has been transferred into the Dormant Assets Scheme, the reclaim right is unaffected: apply through the original provider, which handles claims under its agreement with RFL.
Once the money is back, it may be worth thinking about where it should sit. Our guide to FSCS protection explains how your savings are covered, and how to switch current accounts walks through moving a balance between providers. For the difference between the two types of institution, see building society vs bank.
Questions readers ask
When does a bank account become dormant?
Under the Dormant Bank and Building Society Accounts Act 2008, an account counts as dormant once there have been no customer-initiated transactions for 15 years. Before classifying it as lost, the provider will try to trace you through methods such as Royal Mail, email, telephone or a credit reference agency.
Can I still claim my money if it has been transferred into the Dormant Assets Scheme?
Yes. The scheme is built on full restitution, which means you can reclaim the amount you would have been owed, in full, at any time. The same right passes to your legal heirs.
Does it cost anything to trace a lost account?
No. The My Lost Account service and direct searches with providers are free. You should not pay a fee of any kind to anyone offering to trace a lost bank, building society or NS&I account.
Can I search for an account belonging to someone who has died?
Yes, but only if you are legally entitled to act on their behalf, for example as an executor or administrator, or under a power of attorney. You will need to provide the date of death, and a separate application is needed for each person.
This guide is general information, not financial advice. Rules, rates and allowances can change, so check the latest details with the provider, GOV.UK or the Financial Conduct Authority before making decisions. For advice on your own circumstances, speak to an FCA-authorised financial adviser.