Martin Lewis Warns: Claim Your £2,000 Child Trust Fund Before It’s Too Late!
Financial whizz Martin Lewis has issued a stark warning to under-22s: you could be sitting on over £2,000 in unclaimed Child Trust Funds (CTFs). Research reveals more than 670,000 of these accounts remain untouched, with many young people clueless about their hidden cash.
What Are Child Trust Funds?
Child Trust Funds are tax-free savings accounts set up by the UK government for kids born between September 1, 2002, and January 2, 2011. Each account got an initial £250 boost from the government. Once you turn 18, you can withdraw or reinvest the money.
Despite the cash being there, many young adults don’t even know these funds exist. A UCAS survey found 43% of university students wanted to know their CTF balance, but 32% didn’t know how to claim it. Shockingly, 60% first heard about their CTF from their parents.
Don’t Get Ripped Off! How to Claim Your Money for FREE
Martin Lewis has spotted dodgy firms online trying to charge you fees just to get access to money that’s rightfully yours. “I’ve seen adverts on social media from companies trying to make money from your savings – don’t touch them,” Lewis warned. “It’s simple to claim your Child Trust Fund yourself, and it costs nothing.”
Millions of Pounds in Unclaimed Funds – Here’s How to Find Yours
- There are currently 5.3 million open Child Trust Fund accounts across the UK.
- Over 500,000 accounts have matured and been claimed or moved into ISAs since 2020.
- You or your parents can check your account for free on GOV.UK.
- Parents can continue topping up CTF accounts with up to £9,000 per year tax-free until their child turns 18.
“Many 18-21 year olds are starting out in first jobs or moving into their first home – their Child Trust Fund could give them a financial boost,” said Angela MacDonald from HMRC. “Use the online tool or talk to your parents to track down your savings.”
Sharon Davies, CEO of Young Enterprise, added: “The unclaimed money could be life-changing, especially for young people from disadvantaged backgrounds. It could pay for driving lessons, education, or start-up cash for a business.”
If you’re under 22, don’t let your cash slip away. Check your Child Trust Fund today – you could be richer than you think!
