Spring isn’t just for decluttering cupboards. It’s the perfect time to review your savings and make sure your money is working as hard as it should be.

An estimated £82 billion sits in lost and dormant accounts across the UK, according to tracing service research. Meanwhile, recent data from Nationwide reveals that one in eight savers earned no interest throughout 2025, with 19% using current accounts to save rather than dedicated savings accounts.

A quick financial health check could uncover forgotten funds or highlight accounts that are underperforming.

How do I find old savings accounts?

If you’ve moved house or opened accounts years ago that you’ve lost touch with, there’s a free way to track them down.

Use the My Lost Account service at mylostaccount.org.uk. You’ll need your current contact details, date of birth and any previous addresses. The service searches across banks, building societies and National Savings within three months at no cost.

Accounts typically become dormant after one year of inactivity for current accounts, or three years for savings accounts. Even if you haven’t completely lost track, pull together statements from all your savings to see the full picture.

Are you earning competitive interest?

Two in ten savers earned less than £50 in interest during 2025 despite better rates being available. If you haven’t reviewed your accounts recently, you may be leaving money on the table.

Some accounts revert to lower standard variable rates after an initial bonus period ends. What looked competitive two years ago might now be below current market rates.

Quick rate check:

  • List each account’s current interest rate
  • Compare against current best easy access, notice and fixed-term rates
  • Calculate what you’re losing (the difference in interest on your balance)
  • Consider whether you would benefit from moving accounts to a better rate

Even on a modest balance, the difference between a low-rate account and a competitive one can be meaningful over a year.

Should I consolidate my savings accounts?

Multiple accounts can make sense if you’re using them strategically – emergency fund in easy access, medium-term savings in notice accounts, longer-term money in fixed bonds.

However, lots of small pots scattered across different providers may create unnecessary admin. Consider consolidating similar accounts to simplify tracking.

Important FSCS protection note: Your eligible deposits are protected up to £120,000 per person, per authorised firm by the Financial Services Compensation Scheme. If you have substantial savings, spreading them across different banking groups ensures full protection. Don’t consolidate if it means exceeding this limit with a single provider.

How could I structure my savings?

Match your accounts to your actual needs:

Emergency fund (3-6 months expenses): Emergency fund may be kept in an easy-access account where it’s easily available when needed.

Short-term goals (1-2 years): Money for known upcoming expenses like home improvements or holidays could work well in notice accounts or short-term fixed bonds. You’ll typically earn better rates than easy access although you won’t have instant access to your funds.

Longer-term savings (3+ years): Money you genuinely won’t need for several years can often earn significantly better rates in longer-term fixed accounts. Just be certain you won’t need it before committing.

What else should I check?

Make sure all your providers have your current address, phone number and email. This prevents accounts from becoming dormant and ensures you receive important updates about rate changes.

Set a calendar reminder for next March to review again. Rates change, your circumstances evolve, and new products launch. What works now might need adjusting in twelve months.

Your spring cleaning checklist

  • Search for any lost or dormant accounts (mylostaccount.org.uk)
  • List all current savings accounts with their rates
  • Compare rates against current market offerings
  • Calculate interest you’re missing on underperforming accounts
  • Consider consolidating similar accounts (within FSCS limits)
  • Match account types to your actual savings goals
  • Update contact details with all providers
  • Set reminder for next year’s review

The task takes less than an hour once you’ve gathered your information. Your money should be working for you, not sitting forgotten in old accounts or earning minimal interest.

Your eligible deposits with OakNorth are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS). Interest rates are variable and may change.