Unclaimed money is money from lost bank accounts, shares, investments and life insurance policies. This money becomes lost when you move house and forget to update your details with a financial institution or company.

This money is available to be claimed at any time by the rightful owner and there is no time limit on claims.

• Bank accounts become unclaimed after 7 years if the account is inactive (no deposits or withdrawals).
• Life insurance policies become unclaimed 7 years after the policy matures and is not claimed.

The unclaimed money search is a simple system to use. Enter your name and see the results in a few seconds. There is no cost associated by using this government service but be aware that there are private, advertised companies who will use this free system and charge you a fee for looking on your behalf.

If you have changed jobs several times over the years you may have superannuation associated in different super funds that are considered inactive. You can identify unclaimed super by linking your myGov account to the ATO and follow the instructions. It is not as simple as searching for unclaimed money but worthwhile as these amounts may be consolidated with your current fund.