Savers are missing out on £1.5bn

People forget to pass on their new address

UK savers still have to claim £1.5bn lying dormant in National Savings and Investment (NS&I) accounts.

NS&I has recently launched a free tracing service, and so far 10,000 people have been reunited with £7.8m.

But savers often fail to inform NS&I of a change of address, forget about their investment or are unaware that National Savings are part of an inheritance. There is no time limit on claiming any lost or forgotten funds, because they remain the property of the customer.

Recent research has found that when people move home, one in seven fails to tell their financial provider their new address.

In some instances people die and their beneficiaries are unaware that investments in National Savings are part of the inheritance.

"People work hard to save and it is rather sad that, over the years, they have literally just walked away from their money," Paul Knight, head of sales development at NS&I, said.

The NS&I tracing service brochure is available from 0845 964 5000 or www.nsandi.com.