November 28th 2023.
With the holiday season just around the corner and our wallets feeling a little light, it's time to start thinking about ways to stretch our hard-earned money a little further. Unearthing money we didn't know we had, or are owed and had forgotten, is a great way to get a little extra cash in the bank this winter.
From energy bill credits to old Premium Bonds, there are several opportunities to boost your bank account this winter. Let's take a look at some of these potential sources of money.
Energy bill credit is one way you could be owed a refund from your energy provider. According to Ofgem, energy companies held £8.1billion of customers’ money at the beginning of 2023, so check your account balance to see if you've built up an excess of more than two months’ direct debit. If you have, you might want to think about claiming some of it back. Your energy supplier should refund you within ten working days.
Premium Bonds are another great way to make some extra money this winter. Over two million unclaimed Premium Bonds prizes are worth a collective £80million, so it's worth checking if you're a winner. If you have your Premium Bond holder’s number and your NS&I number, you can check using NS&I’s prize checker app. If not, NS&I’s tracing service can help you out.
If you have any old Oystercards lying around, they could be a source of cash too. Most of us now use contactless cards when using London transport, but older blue Oystercards often have a refundable deposit and credit balance. Over 83million Oystercards have not been used for more than a year, with an average balance of around £3 credit. If the credit is £10 or less, you can reclaim it using a machine at any Tube station, or call 0343 222 1234 for a refund if it is more.
Finally, it's worth checking old savings or ISA accounts that you may have forgotten about. According to Gretel, the average amount found by customers when they are reconnected with accounts is £3,000, and those born after September 1, 2002, may have extra Child Trust Funds. Looking through old statements and paperwork is a good place to start, but online services such as Gretel and MyLostAccount can help you track down forgotten accounts.
Delay Repay is another way you can make some extra cash. If you travel frequently on trains, you may be entitled to compensation for a 15-minute delay on a scheduled journey. If your train is delayed by 15 minutes, you will receive 25 per cent of your ticket price. If it is delayed by more than an hour, you’ll get your full single ticket refunded.
So, if you're feeling a little strapped for cash this winter, it's worth considering these sources of money you may not have known about. With a bit of luck, you'll be able to fatten up your bank account before the festive season arrives.
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