HMRC is asking parents who have a child born between 2003 and 2007, between the ages of 18 and 22, to look for money that may have been saved into a forgotten Child Trust Fund, or CTF. Child Trust Funds were a government-backed savings account for children born between September 1, 2002, and January 1, 2011, and each child was given a starting voucher of £250, with some low-income families getting an additional £250.
Once the child reaches 18 they can withdraw the cash, or choose to move it to another savings account. It is estimated over £1.4 billion is sitting unclaimed in CTF accounts belonging to 18 to 22 year olds.
HMRC is offering a free online service for those wanting to track down a missing CTF. On X, HM Revenue & Customs (@HMRCgovuk) posted: “If your child is between the ages of 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200. Find out more below.”
The post includes a link to Gov.uk page which can help parents find a Child Trust Fund .
Young people will need their National Insurance number – which can be found easily using the HMRC app – and their date of birth to access the information.
CTFs can be tracked down for free, although third-party agents are advertising their services offering to search for Child Trust Funds, and agents will always charge – with one charging up to £350 or 25% of the value of the savings account.
Using an agent can significantly reduce the amount received, is likely to take longer and customers still need to supply them with the same information they need to do the search themselves.
Gavin Oldham, of The Share Foundation, said: “If you are 18-21 years old, the Government would have put money aside for you shortly after birth. This investment would have grown quite a bit and it’s in your name. The Share Foundation has linked over 65,000 young people to their Child Trust Fund accounts. It’s easy and free to find out where your money is. Go to findCTF.sharefound.org or GOV.UK to locate it today.”
In the last year more than 450,000 customers, with just their National Insurance number and date of birth, used the free GOV.UK tool to locate their Child Trust Fund.
More information on Child Trust Funds and how to access your savings can be found on GOV.UK
