HM Revenue and Customs (HMRC) is reminding young people aged 18 to 22 to check and claim their Child Trust Fund (CTF) savings, with thousands potentially unaware of the money available to them.
Child Trust Funds were set up for every child born between 1 September 2002 and 2 January 2011, with the government depositing at least £250 into each account. These tax-free savings accounts have now matured, and young people can withdraw their funds once they turn 18. The average account balance stands at £2,212.
The money is not held by the government but is instead managed by banks, building societies, or other savings providers. It remains in the account until it is either withdrawn or re-invested.
Young people who already know their Child Trust Fund provider can contact them directly to access their savings. Those unsure of where their account is held can use the online tool on GOV.UK to find their provider.
Councillor Marc Frost, Portfolio Holder for Corporate Services encouraged young people to take action, saying: “Many young people may not realise they have money waiting for them. Checking and claiming your Child Trust Fund is quick and easy, and it could provide valuable support at a time when finances are stretched. Whether you need help with education, housing, or savings for the future, I urge all eligible young people to check their accounts and claim what is rightfully theirs.”
For further details and to find a Child Trust Fund provider, visit: https://www.gov.uk/child-trust-funds/find-a-child-trust-fund