People who believe they have savings in accounts they have lost track of will be able to use a new website to help them trace their cash.

The banking industry has launched www.mylostaccount.org.uk, which for the first time brings together information on dormant accounts which are held with banks, building societies and National Savings and Investments.

Consumers using the free tracing service will be able to access information on 42 banks operating in the UK, all of the 59 UK building societies and every NS&I product, including money that has been won through Premium Bonds.

The website has been established to help reunite savers with their money before the Government takes advantage of the unclaimed assets scheme, which comes into effect in 2009.

This will use cash in dormant accounts to fund community projects, but the Government has stressed that even when the scheme is up and running, people will never lose their right to reclaim their cash.

Angela Knight, chief executive of the British Bankers' Association, said: "Mylostaccount.org.uk will enable account holders to initiate a search for their lost bank, building society and NS&I accounts at the click of a button.

"It builds on the three existing central tracing services and will improve accessibility significantly.

"It is a key part of the industry's commitment to make further steps towards reunifying customers with their money in advance of the statute-backed unclaimed assets scheme."

It is believed there is currently between £250m and £350m in dormant bank accounts, while a further £150m is sitting in building societies.

Experts think that NS&I has around £466m of unclaimed cash, which could rise to £1.02bn once Premium Bond prizes are included.

Financial services groups are increasing their efforts to reunite people with their money, and the launch of the new website will be backed by a national advertising campaign.

So far NS&I has managed to reunite 49,424 account holders with more than £50m, with customers typically receiving payouts of £1,021. Figures for banks and building societies are not currently available.

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