HMRC has warned thousands of people that they could have £2,000 sitting in a bank account they have forgotten about.
The Revenue took to X (formerly known as Twitter) to urge Britons born between September 1, 2002 and January 2, 2011, to use the Government tool to find out if they have money in a Child Trust Fund.
They said: “Were you born between 1 Sep 2002 and 2 Jan 2011?
“Check if you have forgotten savings in a Child Trust Fund – worth around £2,000 on average (T&Cs apply).
“Claiming your Child Trust Fund is simple.
“Find out how to do it yourself and keep every penny.”
Money that is paid into the account belongs to the child but they can only take it out when they reach 18
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A Child Trust Fund is a long-term tax-free savings account for children born between September 1, 2002 and January 2, 2011.
Money that is paid into the account belongs to the child but they can only take it out when they reach 18.
However, they can take control of the account at age 16.
The Child Trust Fund scheme closed in 2011, however there are thousands of young adults who have not claimed the money stored in these accounts.
HMRC stated that almost 430,000 people aged between 18 and 21 still have money sitting in an unclaimed Child Trust Fund without realising.
On average, the account could be worth around £2,000.
To find a Child Trust Fund, Britons are urged to contact their Child Trust Fund provider directly if they know who the account is with.
If they do not know the provider, they can ask their parent or guardian.
People can also ask HM Revenue and Customs (HMRC) to find a Child Trust Fund. The Revenue can tell savers where the account was originally opened.
When asking HMRC to check, individuals will need their National Insurance number when filling the form.
The average completion time for the form is about 10 minutes.
Based on one’s answers, they may not need to complete all sections and the number of questions may vary.
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Once completed, savers will get a letter from HMRC with details of the Child Trust Fund provider.
They’ll usually get this within three weeks of HMRC getting their request.
If people do not get a response within three weeks, they should write to HMRC using their reference number if they have one.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “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.”
