HMRC urges 758,000 adults to check if they have unclaimed child trust fund worth thousands
More than 750,000 people owed £2,240 in unclaimed savings
- HM Revenue and Customs (HMRC) is urging around 758,000 young adults to claim their Child Trust Funds, which are worth an average of £2,240.
- These long-term, tax-free savings accounts were set up by the government for every child born between 1 September 2002 and 2 January 2011.
- The government initially deposited £250 into each fund, with an additional £250 for children in low-income families or local authority care.
- Young people can take control of their accounts at 16 and withdraw the funds when they turn 18, with many accounts having grown significantly due to interest.
- HMRC advises against using third-party agents who charge high fees to locate these funds, and experts suggest options like transferring the money to an adult ISA or withdrawing it.