If your child was born between 1 September 2002 and 2 January 2011, they might have a Child Trust Fund (CTF) with some unclaimed savings waiting for them. It’s estimated that over 670,000 young people, aged 18-22, haven’t claimed their CTF, with the average fund worth £2,212!
What Is a Child Trust Fund?
A Child Trust Fund is a tax-free savings account set up for children born during those years, with an initial £250 government contribution. Parents could also add to the account over the years. Once the child turns 18, the account matures, and they can withdraw or reinvest the funds.
The key thing is that these accounts are held by banks or other providers, not the government—meaning you or your child will need to claim the money yourselves.
How to Find Your Child Trust Fund
If you know where the CTF is held, you can contact the provider directly to access the funds. But if you don’t, don’t worry! The government has an online tool to help you find the account using just your National Insurance number and date of birth.
Even if you’re unsure whether you or your child has a CTF, it’s worth checking—you could discover some extra savings!