National Savings & Investments has traced 25m of lost savings since launching four years ago through its free tracing service.
Last year 10,000 investors applied to the service finding an average of 1,025 in lost or forgotten savings. Premium bonds still have over 400,000 prizes worth more than 25m remaining unclaimed. Over a third of the 25m traced so far is in premium bonds while a further 8.9m is in savings certificates.
The main reason for people losing touch with their savings is moving home and forgetting to give a forwarding address. The tracing service has now traced money for people living in Austraia, Thailand, Canada, the USA and Italy.
NS&I head of sales Paul Knight says: “Many people are just walking away from their money when they move home.”