Over 670,000 young people have yet to claim the cash being held in Child Trust Funds (CTFs) on their behalf.  According to HMRC, each individual savings pot could hold, on average, up to £2,212.  
 
CTFs are long term, tax-free savings accounts which were set up for every child born between 1 September 2002 and 2 January 2011.  Parents of children born between these dates were sent a voucher to open an account.  If the account was not set up at the time, HMRC opened a savings account on behalf of the child and the government deposited £250.
 
If your child is aged between 18-22, they should contact their provider.  If they do not know their provider, they can use the online tool to search ‘find your Child Trust Fund’ and gain access to their savings.  They will need their National Insurance number and date of birth to search online. 
 
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:
 
“Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.
 
“You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”
 
The Child Trust Fund closed in 2011 and was replaced by the Junior ISA. 
 
Please contact us for more information.
 
Internet link: GOV.UK