NS&I: Brits searching for forgotten funds

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NS&I: Brits searching for forgotten funds

National Savings and Investments (NS&I) has revealed that many Brits have been taking advantage of its online tool to search for forgotten funds - money which has lain untouched in bank accounts for long periods of time.

The tool, which is found at mylostaccount.org.uk - a website developed by NS&I in conjunction with the British Banking Association (BBA) - has been used by nearly a quarter of a million Brits since it was launched last year.

NS&I estimates there is still some £850 million lying dormant in bank accounts in the UK.

Angela Knight, chief executive of the BBA, said: "When we launched mylostaccount.org.uk we hoped it would reunite record numbers of people with their money and it has more than surpassed our expectations."

Recently, Lloyds Banking Group announced it will be launching a campaign publicising forgotten funds, in an attempt to reunite some of the money with its rightful owners.

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