Dormant Bank Accounts Unlocked

Tracey Crouch, Minister for Sport and Civil Society has today announced that Government will this year enforce and distribute funds in the sum of £330m to good causes under the Dormant Bank and Building Society Accounts Act to build a fairer society.

By 2020, the Government estimates that over £0.5bn will have been distributed to good causes.

What is a Dormant Account?

A bank or building society account that has been open for 15 years or more with no activity having taken place on behalf of or by the holder(s) of the account.

Who will benefit?

Of the £330m, Big Lottery Fund and Big Society Capital will distribute funds to help the homeless, disadvantaged young people, local charities dealing with debt problems over the next four years.  Of this £280m will be spent in England and the balance of £50m in Northern Ireland, Scotland and Wales.

• Up to £135m for long-term accommodation for vulnerable groups such as homeless people and those suffering with mental health issues
• Up to £90m for projects to help disadvantaged young people into employment
• Up to £55m for projects helping with financial inclusion, dent management and access to financial services and products.
• The remaining £50m to projects in Northern Ireland, Scotland and Wales.

Comment

There is little point money sitting in dormant accounts doing nothing and if it is for society’s betterment then all well and good.  There are also moves though that the government is considering widening the scope of dormant accounts.

Does this mean:  Old pensions, endowments, life insurance accounts, unit trusts, shares etc?  We think it does.  

It is time to start tracing your own long lost pensions and investments.