Tracing Dormant Bank Accounts of Someone Who Has Died

Many people accumulate bank accounts throughout their lives — from student accounts, to workplace banks, to savings accounts opened and forgotten. When someone dies, the executor has a legal duty to identify all assets, including accounts that may not be obvious from recent paperwork. Failing to find a dormant account means beneficiaries miss out on money they are entitled to.

Using My Lost Account to trace dormant accounts

My Lost Account (mylostaccount.org.uk) is a free online tracing service run jointly by the British Bankers' Association, the Building Societies Association, and NS&I. It allows you to search for dormant bank accounts, building society accounts, and NS&I products held by the deceased across all participating institutions in a single search.

To use the service, you will need:

• The deceased's full name (including any previous names or maiden name)
• Their date of birth
• Their last known address (and previous addresses if they moved around)

The service searches participating banks and building societies and passes on requests to match against their records. If a match is found, the relevant institution contacts you directly within three months. You will need to provide evidence of your identity and your authority to act (grant of probate or letters of administration) before any institution will disclose account details or release funds.

Over 30 banks and building societies participate in the My Lost Account scheme, covering the vast majority of UK retail accounts. Note that it does not cover investment accounts, pensions, or insurance policies — these require separate searches.

The Dormant Assets Scheme: funds inactive for 15+ years

Under the Dormant Assets Act 2022 (updating the original 2008 Act), banks and building societies are required to transfer funds from accounts that have been dormant for 15 or more years to Reclaim Fund Ltd (RFL), a body established to manage these assets. The funds are then used for social and environmental purposes in the UK, but the original owner (or their estate) retains the right to reclaim the money at any time.

This is an important point for executors: if the deceased had a bank account that was dormant for many years, the bank may have already transferred the balance to RFL. However, you can still claim the money from the original bank — the bank remains liable to repay the funds from its own resources, regardless of whether it has transferred them to RFL.

In practice, you claim dormant funds through the original bank in the usual way. The bank's bereavement team will handle the claim and reunite the funds with the estate.

Searching for NS&I accounts and Premium Bonds

NS&I (National Savings and Investments) has its own tracing service for lost or forgotten accounts, which covers:

• Premium Bonds
• Fixed-interest savings certificates
• Index-linked savings certificates
• Guaranteed growth bonds
• Direct ISAs and Investment Accounts
• Children's Bonus Bonds

You can trace NS&I accounts by contacting NS&I directly at nsandi.com or calling 08085 007 007. Provide the deceased's full name, date of birth, and last known address. NS&I can search all their products simultaneously.

Note that NS&I products are also included in the My Lost Account search, so if you use that service you will capture NS&I products in the same search. However, contacting NS&I directly tends to be faster.

Evidence required to claim a dormant account

When a dormant account is found, the bank will require you to prove both the identity of the deceased and your authority to act. The standard documentation required is:

• A certified copy of the death certificate
• The original grant of probate or letters of administration (for accounts above the bank's threshold, typically £5,000 to £50,000 depending on the institution)
• Your own proof of identity (passport or driving licence) and proof of address
• Any account documentation you can find (account numbers, old statements, or passbooks)

For small dormant accounts (typically under £5,000), some banks may accept a statutory declaration instead of probate. Contact the bank's bereavement team to confirm their specific requirements.

Using the deceased's own records to find accounts

Before using formal tracing services, a thorough review of the deceased's own records often reveals unknown accounts. Look for:

• Bank statements: Review the last 12 to 24 months. Look for direct debits or standing orders to other financial institutions, which might indicate savings accounts or other products.
• Payslips and P60s: These show which bank the deceased was paid into. Previous payslips from different employers may show different bank accounts used in the past.
• Tax returns (Self Assessment): If the deceased completed Self Assessment returns, these will list interest from savings accounts and dividends from investments — providing a record of financial accounts held.
• Email inbox: Online banking generates significant email correspondence. Search the inbox for bank names, account notifications, and e-statements. Also look in the spam folder.
• Physical post: Check unopened post and sort through old correspondence. Many older savers kept paper statements and passbooks.
• Credit reference report: A credit report for the deceased (obtainable from Experian, Equifax, or TransUnion) shows current accounts, credit cards, and loans. It will not show savings accounts, but can identify banks where the deceased held accounts.

Building a complete picture of the deceased's financial life before starting formal notifications saves time and reduces the risk of overlooking assets. Take several days to go through paperwork thoroughly before assuming you have found everything.