Thousands of Britons could be missing out on £2,000 or more if they forget to claim for a cash boost.
HM Revenue and Customs (HMRC) said over 400,000 people born between September 1, 2002, and January 2, 2011 could be Child Trust Fund beneficiaries.
HMRC said it could be used for vital school and education supplies. However large amounts of the cash now remains unclaimed instead of sitting in bank accounts.
It is believed a large number of people aged 18 to 21 are unaware they even have the money to claim.
Writing on social media platform X, the HMRC 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.”
It says terms and conditions do however apply.
The Child Trust Fund accounts were set up with an initial £250 from the government. It was a tax-free saving account for children born between 2002 and 2011, when it expired.
Up to £9,000 could be deposited in the accounts each year. HMRC is now helping people find if and where they had an account set up.
This includes an online tool to help you look for an account. You can use it if you are a parent or guardian of a child under 18 or 16 or older and seeking for your own trust fund.
To do so you need your National Insurance number. Anyone adopted would need their adoption information.
Parents or guardians would need a child’s full name, address, and date of birth, as well as any former names they may have used.
HMRC will then issue a letter with details of the Child Trust Fund provider. HMRC normally responds within three weeks of receiving your request.
Should HMRC not reply in three weeks, applicants should write to them.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, told the Sun: “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.”
