Brit’s Forgotten Millions

Forgotten Current Accounts

Did you know that you could be sitting on top of hundreds of pounds of lost money that you don’t even know about? It’s been happening all over Britain and Compare The Market estimate there’s as much as 1.2 billion pounds stashed away without anyone knowing. It’s been found out that around 37% of Brits today have more than one bank account and only half of these people use both of these accounts regularly. To be more specific, 49% of Brits with more than one bank account only use one of a daily basis, which means that it’s very easy for them to forget about the other accounts that they don’t use. That’s how it’s been estimated that around 8 million current accounts aren’t being used and some have been completely forgotten, each holding an average of £141. But, if you thought that was all, this number doesn’t even mention all of the forgotten pensions that have been paid into over the years.

Bank Account Switching

While it might seem impossible to be able to forget about that much money, it’s actually surprisingly easy. A lot of people around Britain have switched accounts or opened new ones during their lifetime to make the most out of rewards and offers and completely forgotten to either close their other account or have abandoned the one they just opened. When it comes to pensions it’s the same problem. Different work places have different pension schemes and a lot of people, when they switch jobs, don’t think to keep track of the details of their old pension scheme when their new workplace offers a brand new scheme.

While finding money that you forgot about can be great, these forgotten accounts can also lead to some serious problems, including debt and theft. One of the big problems related to these forgotten accounts it that they are vulnerable to hackers. When you don’t use your account for a while the bank might contact you, asking you to verify whether or not you still own it. If you don’t reply they might archive the account. Hackers can take hundreds of pounds from archived accounts without getting caught because no one checks them often enough. But, that’s not the only problem that comes from an unused account. If you’ve arranged for recurring direct debit from a forgotten account you could end up overdrawing and this can result in some serious fines!

Help To Find Those Lost Millions

So, if you think that you might have some forgotten money or you’re worried that this might happen in the future, make sure you keep track of your finances and look carefully at any bank statements. You can locate any forgotten accounts with mylostaccount.org.uk or use the pension tracing service on the government website to see if you have a forgotten pension that you can claim.

If you’re in need of help when it comes to financial emergency however, and you don’t have access to your forgotten money, then you can turn to LoanPig for a short term loan. Then you can pay back in manageable monthly payments that will make life so much easier. Apply online today!