Hundreds of Thousands of Young Brits Sitting on Forgotten £2,000 Child Trust Funds
HM Revenue and Customs (HMRC) has hit out with a crucial reminder to 18 to 22-year-olds. Around 671,000 young adults could be missing out on an average of £2,212 tucked away in unclaimed Child Trust Funds (CTFs).
What Are Child Trust Funds?
CTFs were set up by the government for kids born between September 2002 and January 2011. Each account started with around £250 from the state, topped up by another £250 for children from low-income families or in care. The idea? Let savings grow until the child turns 18, when they can take full control and withdraw their cash.
But many have forgotten these accounts exist or never knew they had one. The money sits untouched in banks or savings providers, waiting to be claimed.
HMRC Urges Young People to Claim Their Cash
“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,” said Angela MacDonald, HMRC’s deputy chief executive. “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.”
How to Claim Your Child Trust Fund
- If you know your CTF provider, contact them directly.
- If not, use the free government online tool on gov.uk. You’ll need your National Insurance number and date of birth.
- Beware of third-party agents offering to find your fund. HMRC warns these may charge fees or take a cut of your savings—diluting your payout.
The Child Trust Fund scheme closed in January 2011, replaced by Junior ISAs. But the cash is still there for the claiming—don’t leave it behind!
Don’t wait. Check now if you’ve got a hidden pot of cash waiting to be snapped up.
