Savings search scheme under fire

National savings can be searched for free

Investors are to be offered the chance to track down money belonging to them held in dormant accounts.

The website FundsReunited from Thursday will scour accounts held by banks and building societies to locate cash in return for a £15 fee.

Up to £15bn is believed to be held in dormant accounts.

However, consumer groups have warned investors to think hard before handing over a fee as they can do much of the research for free.

Why pay?

The website hopes to attract 30,000 users this year and claims to have already reunited people in testing with assets that they didn't know they were due.

We save on the hassle of filling out individual forms, we are a one-stop shop Simon Ford, FundsReunite

However, the Consumers' Association told BBC News Online that investors could already search bank, building society and National Savings records for free.

"People need to be aware that this service is available for free and if you can get it for nothing, why pay £15?" Nick Kirby, senior researcher at Which magazine said.

In response , Simon Ford, FundsReunited director, defended his firm's policy of charging a fee.

"We save on the hassle of filling out individual forms, we are a one-stop shop. In addition, we can search the records of up to 40 life insurance firms to find customers money," Mr Ford said.

Contacts for free tracing of dormant accounts:

British Bankers Association 0207 216 8909

National Savings and Investments 0845 964 5000

Building Society Association 0207 437 0655