From tax rebates to forgotten savings and Premium Bonds prizes, billions of pounds are sitting unclaimed – while checking won’t guarantee a windfall, a few simple checks could make a huge difference
When money is tight, most of us spend hours hunting for the best supermarket offers or switching energy suppliers to save a few pounds.
But what if the biggest financial win wasn’t about spending less at all? Across the UK, billions of pounds are sitting unclaimed in forgotten savings accounts, tax rebates, benefits, pensions and even Premium Bonds prizes. In many cases, the money is simply waiting for someone to realise they’re entitled to it.
Some refunds are automatic. Many aren’t. And while checking won’t guarantee a windfall, spending half an hour working through a few simple checks could leave you hundreds – or even thousands – of pounds better off.
The 60-second refund check
You should keep reading if you can answer yes to any of these questions:
- Have you changed jobs in the last few years?
- Have you ever paid emergency tax?
- Did you move house and leave an energy supplier?
- Were you born between September 2002 and January 2011?
- Have you lost touch with an old bank account or pension?
- Do you have Premium Bonds but haven’t checked them recently?
- Are you over State Pension age?
- Have you never checked your Council Tax band?
If you answered yes to even one, it’s worth investigating.
1. You could be due a tax refund from HMRC
Thousands of people overpay Income Tax every year without realising it.
This often happens after changing jobs, being put on an emergency tax code, stopping work part way through the tax year or paying for work expenses that qualify for tax relief.
While HMRC automatically issues many refunds, not everyone receives one without checking their Personal Tax Account.
If you’ve changed jobs, been made redundant or think you’ve been on the wrong tax code, it’s well worth taking a look.
2. Your council tax band could be wrong
It’s one of the oldest money-saving tips around, but it’s surprising how few homeowners have ever checked.
If your property has been placed in the wrong council tax band, you could qualify for lower bills in future and, in some cases, receive a refund for overpayments.
Compare your home’s band with similar neighbouring properties before deciding whether to challenge it.
It’s worth noting that a review can result in your property moving up a band as well as down, so do your homework first.
3. You could have a forgotten Child Trust Fund worth around £2,200
This is one of Britain’s biggest forgotten pots of money.
The Government says more than 750,000 Child Trust Funds remain unclaimed, containing around £1.6 billion . The average account is worth around £2,200 .
Anyone born between 1 September 2002 and 2 January 2011 could have one – even if their parents never actively opened an account, as many were created automatically.
If you’re over 16, you can use the Government’s free tracing service to find out if there’s money waiting for you.
4. You may have an unclaimed Premium Bonds prize
Millions of Premium Bonds prizes are never claimed.
According to NS&I, there are more than 2.8 million unclaimed prizes worth over £123 million , including prizes worth as much as £100,000 .
Usually it’s because someone has moved house and forgotten to update their contact details.
The good news is Premium Bonds prizes never expire, so it’s never too late to check.
5. Have you lost track of an old pension?
People change jobs much more frequently than they used to, making it easy to lose track of workplace pensions.
Research by the Association of British Insurers suggests there are around 3.3 million lost pension pots in the UK worth a combined £31.1 billion , with the average lost pension valued at almost £9,500 .
If you’ve worked for several employers over the years, it could be worth using the Government’s Pension Tracing Service.
6. Pension Credit
Many people assume Pension Credit is only for pensioners with no savings.
In reality, hundreds of thousands of eligible pensioners still miss out every year.
As well as topping up income, Pension Credit can unlock extra help including support with Council Tax, housing costs and NHS charges.
Even a relatively small Pension Credit award can open the door to much more financial support.
7. Forgotten bank and savings accounts
Have you ever opened a savings account because it offered a good interest rate, then completely forgotten about it?
You’re certainly not alone.
The free My Lost Account service helps people trace forgotten bank accounts, building society savings and NS&I investments that have been left behind after moving house or switching accounts.
Some people find only a few pounds.
Others discover hundreds – or even thousands.
8. Money left with an old energy supplier
If you’ve switched supplier or moved home, don’t assume every penny automatically followed you.
Some households leave accounts in credit when they move.
If your final bill wasn’t settled correctly, or your old supplier still holds a balance on your account, you may be entitled to ask for the money back.
It’s a simple check that could prove surprisingly rewarding.
Jasmine Birtles says…
“People often spend hours searching for voucher codes to save £10 on a purchase, but never spend the same amount of time checking whether they’re actually owed hundreds of pounds.
“Whether it’s an old pension, a tax rebate, forgotten savings or an unclaimed Child Trust Fund, there are billions of pounds waiting to be reunited with their owners. Spending just half an hour checking what you’re entitled to could be one of the best-paid jobs you do all year.”
Jasmine Birtles, founder of MoneyMagpie
Beware of claims companies
Almost every check in this article can be carried out free of charge using official Government services or the organisation holding your money.
Be wary of companies that offer to recover money on your behalf in exchange for a percentage of your refund, particularly where the process simply involves filling in a free form online.
If you’re unsure, always start with the official website first.
Five official websites to check today
HMRC Personal Tax Account – Check whether you’re due a tax refund, review your tax code and claim any eligible tax relief.
Check your Council Tax band – Find out whether your property is in the correct band before deciding whether to challenge it.
Government Child Trust Fund tracing service – Search for a forgotten Child Trust Fund for free.
Pension Tracing Service – Locate workplace or personal pensions you’ve lost touch with.
My Lost Account – Trace forgotten bank accounts, building society savings and NS&I investments.
The bottom line
In a cost of living squeeze, it’s natural to focus on cutting back.
But before cancelling another subscription or giving up your morning coffee, it could be worth checking whether money is already waiting for you.
After all, the easiest money to make is often money that was yours in the first place.
