Just found a dormant account

katiecoodle

My mum has just found an old post office savings book of mine from when I was about 10 and it shows £1.10 in there. Last entry was in 1986. Any idea what it'll be worth now? Also is it still mine? I mean, after so long would it be more hassle than its worth to try to draw it out. My name has changed (my surname) and my mum had a pet name for me which is the name on the account (not sure how she got the account opened) but I don't have any corresponding paperwork for that name, other than it's a corruption of my middle name!
What do you reckon - is it worth purusing?

brightonman123

try local p/o for claim form.. dont expect millions!

jules73_2

Probably about a fiver!
Depends if you can be bothered to fill out the forms etc.

TheEffect

20 years interest at say 5%.

5% of £1.10 = 6p
6 x 20 = 1.20

Probably £3.30 in there.

YorkshireBoy

TheEffect wrote: »

20 years interest at say 5%.

5% of £1.10 = 6p
6 x 20 = 1.20

Probably £3.30 in there.

You're forgetting compounding, and the fact there's 22 years of interest.

£1.10 x 1.05^22

At 5% there will be £3.21 in there (less any tax deducted).

TheEffect

YorkshireBoy wrote: »

You're forgetting compounding, and the fact there's 22 years of interest.

£1.10 x 1.05^22

At 5% there will be £3.21 in there (less any tax deducted).

Sorry.

Will out the long, complicated forms then go and buy yourself a SMALL bag of chips. :rotfl:

agsnu

I thought they normally froze interest on dormant accounts?