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Savings get lost in house moves

National Savings & Investments has found that many savers are losing touch with their money by forgetting to inform financial providers of a change of address.

Its research shows that while 95 per cent of Scots remember to pass on their new details, only 22 per cent of people in the South-west are likely to do so.

The research was conducted after National Savings & Investments launched a free service last November to help reunite its customers with lost and forgotten accounts, bonds and unclaimed premium bond prizes. So far, over £2m has been traced in 1,855 successful searches.

Commercial director Gill Cattanach says: “Moving home is so stressful that as well as typical things that people forget when they move, such as tools in sheds and heirlooms in attics, a significant number of savers forget their money.

“Our tracing service has proved to be a popular way of reuniting people with their savings and we want people to use it more. Customers can be assured that any lost or forgotten savings will remain 100 per cent secure and held indefinitely until a claim is lodged.”

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