Interest paid on unclaimed money
Adding interest to lost money
From 1 July 2013 you are paid interest on unclaimed money held
by ASIC. ASIC holds unclaimed bank accounts, shares and life
insurance. Here we explain how these interest payments
The interest period
Interest on unclaimed money is payable from 1 July 2013. There
is no interest payable for the period before this.
No tax is paid on the interest you earn.
The date you are paid interest from will be shown in your
unclaimed money search record. The interest will be calculated from
that date to 14 days after your claim is approved to allow for your
claim to be processed and your cheque to be issued.
When interest is not
Interest will not be paid on the following types of unclaimed
- Company gazette - You are not paid interest on
this money because the company has sent your details to ASIC but
not the money itself. Therefore you will need to claim money from the
company and not from ASIC.
- Deregistered company trust money - This type
of money is technically not unclaimed money. It can be found
through our unclaimed money search, however, interest will not be
These types of lost money will be listed as 'Company gazette'
and 'Deregistered company trust money' in your unclaimed money
How the interest is
The interest rate is based on the percentage change in CPI
(Consumer Price Index).
The interest rate for 2013/2014 was 2.5% or 0.0250.
The interest rate for 2014/2015 is 2.93% or 0.02930.
The interest rate for 2015/2016 is 1.33% or 0.0133.
The interest rate for 2016/2017 is 1.31% or 0.0131.
The calculation method is:
amount x days interest payable x interest rate
days in the
- Amount = amount of unclaimed money (in future
years any previous financial year interest will be added to the
- Days interest payable = The number of days in
the financial year for which interest is payable including the
extra 14 days that allows for processing your claim
The interest for each financial year is rounded to the nearest
cent (down 0 - 4 & up 5 - 9).
Case study - Steve gets paid interest on his unclaimed
Steve made a claim for $1,000 from an old bank account. The bank
account money was received by ASIC on 31 March 2010.
His claim was approved by ASIC on 24 August 2014 but the
interest was calculated from 1 July 2013.
Here is Steve's interest calculation for 2013/14 financial
Interest Steve is paid for 2013/2014 year = $25
Steve's interest calculation for 2014/15 financial year is:
1025 x 69 days (1 July 2014 - 24 August 2014 + 14 days) x
Interest Steve is paid for 2014/2015 year =
Total interest Steve is paid = $30.68
Total amount Steve receives =
There are simple things you can do to stop your money from becoming
Australia's unclaimed money
Our unclaimed money infographic
explains how people lose track of their money and how much is out
there to be claimed in each state and capital city in 2016.
Last updated: 07 Aug 2016