More than 670,000 18 to 22-year-olds across Great Britain yet to claim their Child Trust Fund are being urged to ‘cash in their stash’ as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between September 1, 2002 and January 2, 2011. Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures.
The savings are not held by the UK Government, but are held in banks, building societies or other saving providers - the money stays in the account until it’s withdrawn or re-invested. If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. If they do not know where their account is, they can find out using the online tool on GOV.
UK. Young people will need their National Insurance number and their date of birth to access the information. 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 .” HMRC is also warning young people and their pa.
