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This free service will help you track down forgotten money in lost bank accounts

Photo credit: Unsplash
Photo credit: Unsplash

From Red Online

Taking control of finances is often on our lists of New Year’s resolutions, but how many of us actually commit to it? Sometimes we need a bit of an incentive. Well, how about £850 million?

That's the estimated amount currently sitting unclaimed in lost or forgotten bank accounts, and knowing how to claim it could not only balance the books, but give them a serious boost.

How to locate missing money?

With all this money apparently languishing in bank accounts across the UK, it's important to check what's yours.

You can track down old savings accounts at mylostaccount.org.uk. This free service helps customers trace lost accounts and saving, using online searches. All you need to do, is fill out a form.

And lost savings accounts are not the only places where money is hiding.

Where's your pension at?

If you’ve worked for several companies over the years and lost track of your pension pots, it can feel like an overwhelming task to try and locate them again.

However, don't give up on them, you can find them at gov.uk/find-pension-contact-details. Just put in your details and the site will help you find what you've got, and then you can decide which one place you want to keep your pension in.

Break up with your bank

And, though this isn't technically about lost money, you might find that breaking up with your bank and finding a new might also help you claim extra cash.

Believe it or not, we’re more likely to end our relationship than change who we bank with. If you’ve been with yours since your teenage years, it’s time for a rethink.

Rules on switching current accounts make the process quick and easy. The Current Account Switch Service guarantee means your new bank takes care of closing your old account, moving your balance and switching your payments, all in seven days.

Check which banks and building societies are in the current account switch service at currentaccountswitch.co.uk.

Let's make 2020 the year we get on top of our finance, even if it's just so that in 2021 we can take that trip of a lifetime to the Caribbean. We'll see you there!

This article first appeared in the January 2019 issue of Red Magazine. For more financial advice, sign up to our free financially fabulous fortnightly newsletter here.

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