March 6, 2013
“I’m sure I had an account with them?
But have no idea what the account number would be.”
Is this something that you have ever thought? If so, www.mylostaccount.org.uk is for you.
An account can be forgotten for a number of reasons including death, change of address or simply forgetting to notify the bank/building society of any changes in circumstances.
What is it?
mylostaccount.org.uk is a free service provided by the British Bankers' Association (BBA), the Building Societies Association (BSA) and National Savings and Investments (NS&I).
Once you have entered your details on the application form online, all the institutions you have selected will then be searched on your behalf. If you do not know the name of the bank/building society there are ways to select the institutions in your area.
They also offer a paper application for those not wanting to use the online system.
Please note that if you wish to search for NS&I unclaimed premium bond prizes, this must be done separately at www.nsandi.com/savings-premium-bonds-have-i-won .
Are you dealing with an estate?
This service is also available to search deceased’s persons account, as long as you have the authority to do so.
There is a section which asks if the account belongs to the person making the application. At this point you need to say what identification you can provide should the financial institution need to verify who you are.
We often deal with probate matters where clients believe their loved ones held an account that they cannot find. This system would be able to search the accounts in the name of the deceased and the personal representative/next of kin would be informed of the results.
How long does it take?
The search can take up to three months to complete and NS&I aim to complete their search with one month.
Can I search for other assets?
There are more ways to search for different types of assets; unfortunately, there isn’t one single application as detailed above. Different asset searches are listed below.
What if I want to search for a life assurance policy?
Experian offer a service via www.uar.co.uk. Unlike the mylostaccount.org.uk service, this is not free. They charge a fixed fee of £25 (incl. VAT) to make the search but the results are made available within two working days.
Pension & Investment Products
Lost pensions - www.gov.uk/find-lost-pension will help you search for any personal or occupational pensions which have been “lost”. You will be asked to complete the form online and this service is free.
Lost unit trusts - Investment Management Association can help you search for any lost unit trusts. They need to be contacted via post or telephone. Their contact details are 65 Kingsway, London WC2B 6TD telephone number: 020 7831 0898 and more information can be found at: www.investmentuk.org/contact-us
Lost investment trusts – The Association of Investment Companies can be contacted on 020 7282 5555 who will help you search through any lost investment trusts. Again, more information can be found at www.theaic.co.uk/Contact-the-AIC
If you require any assistance in relation to deceased’s accounts or probate matters please do not hesitate to contact our Wills & Probate Department on 0151 282 1700.