ladbible homepage
ladbible homepage
  • iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK
    • US
    • World
    • Ireland
    • Australia
    • Science
    • Crime
    • Weather
  • Entertainment
    • Celebrity
    • TV
    • Film
    • Music
    • Gaming
    • Netflix
    • Disney
  • Sport
  • Technology
  • Travel
  • Lifestyle
  • Money
  • Originals
    • FFS PRODUCTIONS
    • Say Maaate to a Mate
    • Daily Ladness
    • UOKM8?
    • FreeToBe
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Archive
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube
Submit Your Content Here
  • SPORTbible
  • Tyla
  • GAMINGbible
  • LADbible Group
  • UNILAD
  • FOODbible
  • UNILAD Tech
Young people urged to claim thousands from £9bn pot of money that many don't know exists

Home> News

Updated 15:32 5 Oct 2022 GMT+1Published 11:59 5 Oct 2022 GMT+1

Young people urged to claim thousands from £9bn pot of money that many don't know exists

You could be in line for a decent wedge

Dominic Smithers

Dominic Smithers

google discoverFollow us on Google Discover

Teenagers are being urged to claim thousands of pounds from a huge £9bn pot of money that most don't even know exists.

Sounds quite mysterious, doesn't it?

In 2005, the government set up Child Trust Funds, which allowed parents to put money away for their kids, in an effort to encourage them to save as they got older.

The government put in the first £250, and then parents took over, most adding to it as and when, with a maximum of £9,000 allowed in any one year.

Advert

Anyone lucky enough to qualify could stand to make a fair few quid, with the average fund worth £2,100. Not too shabby.

And with the current cost of living crisis deepening every week, people are being encouraged to get in touch to claim their cash.

You could have thousands of pounds in the pot.
picture that/Alamy

If you or your family remember which company provided your trust fund, you can go to them directly to make your claim.

However, if you're not too sure, you can search for them on the government's website here.

Teenagers aged 16 or over are able to take control of their fund, but it can only be accessed once a person reaches 18.

If you are too young to withdraw the money, your family can still keep adding to it until you are old enough to either take it out or invest it in another savings account.

Sadly for many of you reading, the scheme was only available for those young whipper-snappers out there born between 1 September 2002 and 2 January 2011. I'm sorry.

FIRST TIME BUYERS ARE 'F**KED' UNLESS PARENTS OWN A HOME, EXPERT WARNS

MARTIN LEWIS HAS GOOD NEWS FOR ANYONE EARNING LESS THAN £50K

Speaking about the funds, the chief executive of HMRC Angela MacDonald said: "Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it.

"We want to help you access your savings and the money you’re entitled to.

"To find out more search ‘Child Trust Fund’ on GOV.UK."

And who knows, maybe you could use the money to become a millionaire, like Jacob Blank did.

Child Trust Funds were set up in 2000, with billions deposited.
David Cole/Alamy

He recently revealed that he managed to make $7,000 (£6,100) through a simple ‘side hustle’ when he was just 15 years old, selling old toys and items online.

Three years late, he made his first million, growing his fortune through wholesaling real estate.

In a clip posted to his TikTok, Blank, now 20, explained how he would take old items from family and friends and sell them on for a profit. 

"I leveraged up, offer eBay and Craigslist in order to do this," he said.

"First I sold all my old toys that I didn’t want anymore, and once I ran out of my own stuff that I owned to sell, I reached out to my parents and I said ‘Hey, is there anything in the house that you want to get rid of?’ and I sold it and they let me keep all the profit."

Featured Image Credit: Martin Williams/Alamy Daisy Daisy/Alamy

Topics: UK News, Money

Dominic Smithers
Dominic Smithers

Dominic Smithers is LADbible's Editorial Lead. After graduating from the University of Leeds with a degree in French and History, he went on to write for the Manchester Evening News, the Accrington Observer and the Macclesfield Express. So as you can imagine, he’s spent many a night wondering just how useful that second language has been. But c'est la vie.

X

@SmithersDom

Recommended reads

Legal brothel manager explains important '8 second rule' that they enforceCatherine De Noire‘Forgotten’ Hollywood billionaire actor changed career that earned her insane fortunePrince Williams/WireImageFans convinced Sabrina Carpenter is going to be 'cancelled' after comments on stage at CoachellaX/RedditHunter Biden challenges Donald Trump's sons to 'cage fight' in bizarre videoTom Williams/CQ-Roll Call, Inc via Getty Images

Advert

Choose your content:

6 mins ago
2 hours ago
3 hours ago
4 hours ago
  • Catherine De Noire
    6 mins ago

    Legal brothel manager explains important '8 second rule' that they enforce

    It's been keeping staff safe and sound for years

    News
  • Tom Williams/CQ-Roll Call, Inc via Getty Images
    2 hours ago

    Hunter Biden challenges Donald Trump's sons to 'cage fight' in bizarre video

    As if there wasn't already enough political spectacle, Hunter Biden wants a cage fight

    News
  • Getty Stock
    3 hours ago

    UK working on plan not seen since the 1970s to prepare for war

    The head of the armed forces said British people will need to be resilient

    News
  • Kennedy
    4 hours ago

    Dad, 34, slips into coma and loses all four limbs following routine dentist appointment

    Davon Vanterpool felt ill after visiting the dentist, less than a month later doctors were amputating his limbs

    News
  • Young people can still claim thousands from huge fund worth over a billion most don't know exists
  • Young people can still claim thousands from £800m government pot that many don't know exists
  • More than 670,000 young people could be owed thousands from huge money pot they don't know exists
  • Thousands of Brits with more than £3,500 in savings will be getting fine in the post