Track down your lost savings

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With purse strings coming under increasing pressure, one of the easiest money saving tips is to make sure you don't have any money hidden away in forgotten accounts. It's estimated that as much as £15 billion is lying unclaimed in lost accounts and if some of it is yours, it's easy to get it back.

What is a dormant account?

Banks and building societies class accounts as dormant when they have had no contact with the account holder for a period of three years. This doesn't mean you have to use the account that regularly - it only really happens when statements are returned or other contact methods go unanswered. Often, the provider will write one final time to the account holder's last known address to warn them that the account may become dormant.

Once an account becomes dormant, it is frozen. This means account holders will be unable to access it through the normal channels, such as by phone or in the branch.

Is my money lost?

Absolutely not. The money will always remain yours and in most cases will continue to attract interest. The Government has said that some of the money in dormant savings accounts should be used to fund charity and community work, but anyone who successfully claims on an account will get their money back.

How do I claim?

All banks and building societies have dormant accounts and they have processes for returning lost money to their customers. If you know which institution has your money, simply write to them, giving as much information as possible, and ask for your account to be reactivated. You will probably have to come up with additional identification so the bank can verify you are the genuine holder, but it's a straightforward process.

In many cases account holders have not only forgotten about their accounts, they have also forgotten which bank held them. This is particularly common when the original bank no longer exists, it has been bought or merged with another organisation. If you feel you do have an account somewhere, you can use the lost account service, which is an initiative set up by the British Bankers Association, the Building Societies Association and National Savings and Investments.

This free service helps you trace any lost accounts after you input your details. It can take up to three months to do the checks, depending on how much information you can provide, and how long the account has remained dormant.

You can also claim on behalf of the deceased, if you are the executor of the estate, or a relative after probate has been completed.

Halifax offers a complete range of bank accounts and personal investments products. Whatever you're looking for: from savings to personal loans, a mortgage or credit cards at Halifax we aim to give you a little extra help. We even offer help with your home insurance and travel insurance.