HMRC has been reminding families to check whether they have money waiting in a Child Trust Fund (CTF), as hundreds of thousands of these accounts remain unclaimed.
Child Trust Funds were set up automatically for every child born in the UK between September 2002 and January 2011. The government provided each child with a voucher, usually worth at least £250, to start the savings pot. Families could then add to it, and many accounts were invested, meaning they have grown over time.
Although the scheme has ended and been replaced by Junior ISAs, the money still belongs to the young person. Once they turn 18, they can take it as cash, move it into an adult ISA, or keep it with the existing provider.
The challenge is that many people either never knew the account existed, or have since lost track of it. HMRC estimates there are about 671,000 unclaimed accounts, holding a total of £1.4 billion. The average account is worth more than £2,200.
To find out if you or a family member has money waiting, there is a free government service called Find a Child Trust Fund, external. You’ll need to provide your name, date of birth, address, and National Insurance number (if over 16). HMRC will then write to you within a few weeks to confirm which provider holds the account. From there, you can contact the provider to access the money.
It is important to use only the government’s service, as third-party firms sometimes offer to trace accounts for a fee. The official tool is free and straightforward to use.
