You could be missing out on £2,200 payment if you were born between 2002 and 2011
The little-known funding pot has been unclaimed by more than 670,000 people
Sometimes, being born between a certain date comes with perks – monetary perks.
As a 96 baby, there’s nothing I can really get that’s beneficial to me, other than the knowledge that I was part of the last generation to have the Spice Girls and dial up internet. But when it comes to money, there’s zilch out there for us.
However, when it comes to those born between 2008 and 2011, there might be a nice £2,200 payment available to collect.
As part of the UK government’s Child Trust Fund, it means that there could be a bunch of people out there who have money in a pot with their name on it and do not realise.
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According to the gov, a Child Trust Fund is a long-term tax-free savings account for children who were born between 1 September 2002 and 2 January 2011.
Replaced by the Junior ISA in 2011, it could have been set up by a parent or even the local authority for those who were placed in care during this time.
According to the government, more than 670,000 18-22 year olds have yet to claim their Child Trust Fund, which has an average savings pot of £2,212.
So, how do you know if you’ve got one?
If you already know about this and also have the information about your Child Trust Advisor and are over 18, you can contact them directly to find out more.
If not, you can ask a parent or guardian or even go to HM Revenue and Customs (HMRC) to find a Child Trust Fund provider the account is with.
Once you contact them, Money Helper states the provider will usually write to you a month or two after, to give you some options.
When it comes to the type of account you may have, it can either be a Child Trust Fund, that was created to receive tax-free interest on the money, or shares-based Child Trust Fund.
This one was designed for the child to invest the money on the stock market after withdrawing the amount.
Once you find out what account you’ve got, how much is in it, and what to do, the choice is yours.
You can either move the money to a new savings account and continue saving money, investing the money, or withdrawing and saving it.
Or you could do a combination of all of those things.
After all, it’s your money.
However, if you don’t claim the money, it’ll be held in a ‘protected account’ until you contact your provider about making a decision.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “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. 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.”
Britt Jones