Child Trust Fund: £2,212 waiting – here's how to claim yours
If you were born between September 2002 and January 2011, you could have over £2,000 sitting in a forgotten bank account right now. The HMRC has warned that more than 750,000 young adults are missing out on Child Trust Funds that belong to them – and claiming yours is completely free.
What is a Child Trust Fund?
Child Trust Funds are tax-free savings accounts the government set up for every child born during that period. When you were born, the government deposited £250 into an account opened in your name. That money has been growing ever since, and accounts now hold an average of £2,200.
You can take control of your account at 16 and withdraw the money when you turn 18. Until then, it simply sits and grows – but only if you know where it is.
How to find your money
The good news is finding your Child Trust Fund is easy and completely free. You’ll need your National Insurance number (available through the HMRC App) and your date of birth. Then head to GOV.UK and search “find your Child Trust Fund”. Last year, over 450,000 people used this free tool successfully.
If you already know which bank or building society holds your account, contact them directly.
Beware of agents charging fees
Don’t pay anyone to find your fund. Third-party agents are advertising search services, but they’ll charge you – sometimes up to £350 or 25% of your savings. Using an agent means less money in your pocket and takes longer, yet you’d still need to provide the same information anyway.
The Share Foundation has also helped over 65,000 young people locate their accounts and offers a free search at findCTF.sharefound.org.
Why claim now?
For many young adults, this could be one of the largest sums of money you’ve ever accessed. Many accounts were opened automatically by parents or HMRC itself over two decades ago, so it’s easy to forget they exist – especially if you’ve never received paperwork about them.
Don’t assume it doesn’t exist just because you haven’t heard about it. Check today using the free GOV.UK tool – it takes minutes and could put over £2,000 back in your pocket.