BY JOHN ELLIS, FINANCIAL ADVISOR
A little treasure trove could be sitting quietly in an old bank account, a forgotten insurance policy or a State savings certificate you have not touched in years. And the good news? If it is there, you can still get it back even if the Government has already spent it on worthy causes.
Every year, thousands of accounts in Ireland go ‘dormant’. That simply means no one has touched them for 15 years and there is more than €100m. inside. Banks, insurers and An Post try hard to find the owners. They send letters, check phone numbers on file, and put notices in the newspapers. But people move house, change countries, or simply forget they ever opened that account years ago.
After 15 years, the law steps in.
Thanks to the Dormant Accounts Act 2001 and the Unclaimed Life Assurance Policies Act 2003, that unclaimed cash is moved to a special fund run by the National Treasury Management Agency (NTMA). The money is not lost forever. The main aim is still to reunite it with the rightful owner or their family. If no one claims it, the Government puts it to work helping people struggling with disadvantage, disability, education gaps, or isolation.
This year the fund is handing out just under €47m. to 56 different projects across 11 Government departments. That is real money making a real difference right now.
Take the Seniors Alert Scheme, for example. Older people living alone can get a free personal alarm, a little bracelet or necklace that connects straight to a call centre should they have a fall. This year €2.1m. from the dormant fund is helping more than 18,000 people feel safer in their own homes.
There’s also money for digital and financial literacy classes in libraries, support for Traveller and Roma communities, and even upgrades to Civil Defence vehicles. Every project tackles something practical; homelessness, youth disadvantage, migrant integration, sport for children who need it most.
This is one of the quiet success stories of Irish public policy. Forgotten money that could have sat doing nothing is instead being put to work for the people who need it most. When Minister Jerry Buttimer launched the 2026 plan he put it perfectly: it is about supporting the vulnerable in challenging times.
But here is the part that really matters to ordinary families. The money in the fund still belongs to the original owners. You (or your heirs) can claim it back at any time, with interest, even if it has already been spent on alarms or school buses. Just fill in a simple claim form on the NTMA website or contact your old bank, insurer or An Post. Even accounts from banks that have closed, like Ulster Bank or Danske, can be traced through the Banking and Payments Federation.
So why does any of this matter to you? Because it is so easy to lose track of your own savings. Banks merge or close branches. You move house. A life insurance policy from 20 years ago quietly builds up a savings pot you forgot about. Before you know it, 15 years have slipped by.
This weekend, set aside some time to check any old bank statements, insurance documents or An Post savings certificates tucked in a drawer. Ring the NTMA or your old provider if you are not sure. You might not find a fortune, but even a few hundred euro could make a difference to your family. And if you do not need it, at least you will know it is helping someone else instead of gathering dust.
The system works. It is fair. And best of all, it proves that even ‘lost’ money can still do good. Just do not let your own share stay lost forever.
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