More than six million Brits born between certain dates had Child Trust Funds set up for them - and here’s how to find them.
Child Trust Funds are long-term, tax-free savings accounts that the government set up for every child born between the dates, which matured once the child turned 18.
Upon opening the accounts, the government contributed an initial deposit of at least £250, with many parents regularly adding to it - but it turns out plenty of people aren't even aware they have one.
In total, the government paid more than £2 billion into Child Trust Funds for the 6.3 million children who were born between 1 September 2002 and 2 January 2011.
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The eldest of these turned 18 back in 2020 and were eligible to access their accounts and either take out their cash or transfer it.
According to HM Revenue and Customs (HMRC) the average amount stashed away in the accounts is around £2,000 per person.
However, HMRC has previously revealed that there are still loads of accounts belonging to over 18s that have gone unclaimed - meaning that you could be sitting around with a pot of money waiting for you.
Speaking in September last year, Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:
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“Many 18-21 year olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on.
"I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their Child Trust Fund.
"It could make a real difference to their future plans.”
In a post on X this week, HMRC said: “Were you born between 1 Sep 2002 and 2 Jan 2011?
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“Check if you have forgotten savings in a Child Trust Fund – worth around £2,000 on average (T&Cs apply)."
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Meanwhile, Money Saving Expert Martin Lewis has also urged people to track down their Child Trust Funds.
He said: "Any child between the 1st of September 2002, which is basically a 21-year-old, and the 2nd Jan 2011 - so a 12-year-old - will have had a Child Trust Fund and the State will have added money even if you didn't.
"Up to a million children have these accounts unknowingly.”
If you want to find out if you have one, and where it is if you do, you can head to the HMRC dedicated page on the website here, or if you already know you have one and want to find out where it’s held, you can head here.
Featured Image Credit: Getty Stock Images/Matt Cardy/Getty Images