Do you have a hidden fortune?

Millions of us have money sitting in the bank we don’t even know about. Could you be richer than you realise?

It’s hard to imagine anyone could simply forget about a savings account or investment, but it seems we can be pretty forgetful when it comes to our finances.

According to research from NS&I, a massive 7.66 million Brits believe they have lost track of some form of savings or investment.

Perhaps even more shockingly, 40% of those have made no attempt to track down their missing money.

While you probably won’t discover you’re a millionaire, there is absolutely no reason you shouldn’t reap the benefits from your own money.

Could you have missing money?

Losing track of savings could potentially happen for a number of reasons. For instance, a relative could have opened an account on your behalf when you were a child. If you have since lost touch, you may be totally unaware of the account’s existence.

Another possible explanation is that you paid money into a company pension decades ago, but lost track of your investment after moving companies.

According to NS&I’s data, more than a quarter of those with missing savings has misplaced the original account details and 21% neglected to update their details when moving house.

How do I track down forgotten funds?

Mylostaccount is a free service that allows people to trace forgotten savings and investments. In fact, NS&I states that this service has enabled people to find £450 million that had been lying in dormant accounts.

Bear in mind, you stand a greater chance of success if you can provide as much information as possible on the account you’d like to trace, so it could be worth rooting around for any relevant paperwork.

Be prepared

Although it’s possible to track down lost savings, you’d probably prefer not to have to do so in the first place. This brings us to any investments you might currently hold.

If you do have money in the bank, try to keep comprehensive records of your accounts. At the very least, it’s wise to make a note of the account provider, sort code and account number.

However, it’s sensible to include other information such as the interest rate and the date any bonus rates come to an end.

Also, remember to notify your bank or building society when you move house. Otherwise, any correspondence related to your investment could end up at the wrong address.

As well as putting you at risk of losing track of your cash, this could leave you vulnerable to identity theft.

Where else to find hidden cash

While it would be a welcome surprise to discover millions of pounds stashed away in a forgotten account, this will probably remain a fantasy for most of us.

However, there may be other ways you could potentially come into some extra money.

Check benefit entitlements: According to figures from Citizens Advice, £16 billion of means-tested benefits go unclaimed every year.

You can check your benefit entitlement using an online calculator.

Get better deals on your bills: By regularly reviewing your utilities and insurance providers, you may be able to save hundreds of pounds a year on household bills.

Avoid tax – legally: By saving money into an ISA or pension scheme, it’s possible to legally shelter some of your income from the taxman, which will eventually mean more money in your own pocket.

**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**

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