Latest news with #ChildTrustFund
Scottish Sun
3 days ago
- Business
- Scottish Sun
Are you missing out on £2,212 in unclaimed cash? Forgotten bank accounts could be a goldmine
Plus we explain how you can track down other missing accounts which could make you £2,500 richer every month CASH IN Are you missing out on £2,212 in unclaimed cash? Forgotten bank accounts could be a goldmine Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) SAVERS could be missing out on £2,212 in unclaimed cash - here is how you can track yours down. Child Trust Funds are a type of tax free savings accounts, which were set up for every child born between September 2002 and January 2 2011. Sign up for Scottish Sun newsletter Sign up 1 Teens could be coming into a collective £4.7billion worth of Child Trust Fund cash Credit: Getty - Contributor The Government deposited £250 for every child born between that period or £500 if they came from a low income family. When the child turned seven, an extra £250 or £500, depending on their families' economic status, was deposited. In 2010, this was scaled back to £50 for better off households and £100 for those on a lower income. The scheme was eventually axed in 2011, was later replaced with Junior ISAs. Parents of friends can deposit up to £9,000 into the child's account tax-free. The money is usually invested into shares. HMRC previously estimated that the average amount of savings tied up in each account is £2,212. Youngsters can take control of these accounts at 16, but can not withdraw the cash until they are 18. If you think you are entitled to a Child Trust Fund, you can track it down using a Government tool. You can find this by searching for "find a Child Trust Fund" on What Does My Tax Code Mean? A Simple Guide to Your HMRC Letter You'll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number. Your NI number remains the same for your entire life. It's made up of two letters, six numbers and a final letter. You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store. When you're done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund. There are a number of third party groups offering to search for Child Trust Funds but it's worth noting that they will charge a fee so you might lose a chunk of your money. Other ways you may have forgotten cash And it is not just a Child Trust Fund that could have thousands squirrelled away. Millions of workers have forgotten about old pensions from previous employers. There are 3.3million lost pots worth a combined £31billion - up from 2.8million worth £26 billion two years ago, according to the Pensions Policy Institute. An easy way to track the cash down is by using the Government's free Pension Tracing Service. This can be found by visiting You could then consolidate your pension and help boost your retirement by over £20,000. You can also track down lost bank and building society accounts using free online tools. For example, My Lost Account can help customers trace missing bank account. You should get a response from providers within three months.
The Sun
3 days ago
- Business
- The Sun
Are you missing out on £2,212 in unclaimed cash? Forgotten bank accounts could be a goldmine
SAVERS could be missing out on £2,212 in unclaimed cash - here is how you can track yours down. Child Trust Funds are a type of tax free savings accounts, which were set up for every child born between September 2002 and January 2 2011. 1 The Government deposited £250 for every child born between that period or £500 if they came from a low income family. When the child turned seven, an extra £250 or £500, depending on their families' economic status, was deposited. In 2010, this was scaled back to £50 for better off households and £100 for those on a lower income. The scheme was eventually axed in 2011, was later replaced with Junior ISAs. The money is usually invested into shares. HMRC previously estimated that the average amount of savings tied up in each account is £2,212. Youngsters can take control of these accounts at 16, but can not withdraw the cash until they are 18. If you think you are entitled to a Child Trust Fund, you can track it down using a Government tool. You can find this by searching for "find a Child Trust Fund" on What Does My Tax Code Mean? A Simple Guide to Your HMRC Letter You'll need to have a few personal details to hand to do the search, including your date of birth and National Insurance (NI) number. Your NI number remains the same for your entire life. It's made up of two letters, six numbers and a final letter. You can find this number on your payslips or by downloading the HMRC app, which can be downloaded on the Apple or Google Play Store. When you're done filling this out, HMRC will then send you a letter revealing what company has your Child Trust Fund. There are a number of third party groups offering to search for Child Trust Funds but it's worth noting that they will charge a fee so you might lose a chunk of your money. Other ways you may have forgotten cash And it is not just a Child Trust Fund that could have thousands squirrelled away. Millions of workers have forgotten about old pensions from previous employers. There are 3.3million lost pots worth a combined £31billion - up from 2.8million worth £26 billion two years ago, according to the Pensions Policy Institute. An easy way to track the cash down is by using the Government's free Pension Tracing Service. This can be found by visiting You could then consolidate your pension and help boost your retirement by over £20,000. You can also track down lost bank and building society accounts using free online tools. For example, My Lost Account can help customers trace missing bank account. You should get a response from providers within three months. WHEN Carole Railton tried to track down a lost pension she found the adviser had shut up shop. But three years ago the 73-year-old, who lives in Wapping, London, tracked down the lost cash and is now £2,500 a month richer. In the late 1980s, Carole had been working for Xerox when a financial adviser persuaded her to switch from a company pension. She, like thousands of others, had become a victim of pension mis-selling, where savers were lured into leaving gold-plated company pension schemes in favour of inferior self-funded personal pensions. Carole, a body language expert, tried to track down her pension numerous times after leaving Xerox in the 1990s. Eventually she got in touch with a financial adviser who managed to track down her lost pension. Her lost fund was worth just over £200,000, which she used to buy an enhanced annuity which pays her £2,500 a month.
Daily Mirror
07-07-2025
- Business
- Daily Mirror
HMRC warns anyone born on these dates could be owed £2,200 in unclaimed cash
If the parent didn't open a Child Trust Fund, then HMRC would have opened one on behalf of the child - this means there are thousands of young people that may not realise they have one HMRC is urging parents to check if their child has a forgotten savings account worth an average of £2,000. Child Trust Funds were saving accounts given to children born between September 1, 2002 and January 2, 2011. Each child was given a voucher worth £250, or £500 for those from lower income families to start the account. Families could then add up to £9,000 a year into a Child Trust Fund. If the parent didn't open a Child Trust Fund, then HMRC would have opened one on behalf of the child - this means there are thousands of young people that may not realise they have one of these accounts. Latest figures from HMRC show more than 670,000 people aged 18 to 22 have yet to claim their Child Trust Fund. On average, each account is worth £2,212. In a post on X, HMRC said: "If your child is between 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200." You can't open a new Child Trust Fund but you can continue to pay into an existing account. It is only possible to access a Child Trust Fund once the child turns 18. How to fin If you know the name of your Child Trust Fund provider, you can contact it directly to find out more about your account. If you've lost track of your account, you can ask HMRC to help you locate it by filling out a form on You can ask HMRC to find a Child Trust Fund if you're a parent or guardian of a child under 18, or if you're 16 or over and looking for your own account. You will need your National Insurance number and Government Gateway - this is free to create - to fill out the online form. Once you've entered the right information, HMRC should tell you the name of the Child Trust Fund provider within three weeks. You can also request details by post by writing to: Charities, Savings and International 1, HMRC, BX9 1AU. Try to include as many details as possible, such as the full name, date of birth and address of the account holder, plus their National Insurance number. In a comment published last November, Angela MacDonald, HMRC 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
The Sun
04-07-2025
- Business
- The Sun
Parents need to check for lost bank account with £2,200 unclaimed cash, says HMRC
HUNDREDS of thousands of young people could be missing out on £2,200 sitting in forgotten savings accounts, according to HMRC. These accounts, known as Child Trust Funds, were set up for every child born between September 2002 and January 2011. 1 A staggering £1.4billion belonging to 671,000 young people is waiting to be claimed, but many don't know these accounts exist or that they can access the money. HMRC said the average savings pot is worth £2,212. It is now urging parents to check if their children are eligible. In a post on X, they said: "If your child is between 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200." Parents can check for Child Trust Funds on the HMRC website at You need to be over 16 or a parent to use the service. To check for your child, you'll need their full name, address, and date of birth. To check for yourself, you'll need your name, address, date of birth, and National Insurance number. The tool will tell you which provider holds the Child Trust Fund, but it won't show how much money is in the account. Once you've filled in the form, HMRC will send you a letter with the details. If you apply online, you should get this within three weeks. Postal applications may take a bit longer. If you don't hear back within six weeks, you should write to HMRC to follow up. Once you know who the provider is, you can contact them to withdraw or transfer the money. What are Child Trust Funds? CHILD Trust Funds are tax-free savings accounts that were set up by the Government for children born between September 2002 and January 2011. The Government paid £250 into each account, or £500 for children from low-income families. Another payment was made when the child turned seven, depending on their family's financial situation. In 2010, payments were reduced to £50 for well-off families and £100 for lower-income households. The scheme was scrapped in 2011 and replaced by Junior ISAs. Many parents stopped adding money to the accounts, and they were forgotten. The funds are held by banks, building societies, and other savings providers - not by the Government. Young people can take control of their account at 16 but can only withdraw the money when they turn 18. What can I do with the cash? Most people transfer the money into a bank account, invest it, or move it into an ISA. You can ask your Child Trust Fund provider to pay the money directly into your bank account by providing your bank details. If you'd prefer to invest the money, you can transfer it into an ISA for tax-free savings. If you transfer money from a Child Trust Fund into an adult ISA when it matures, it won't count towards your £20,000 annual ISA limit for over-18s. For those under 18, it's often better to move the money into a Junior ISA. Junior ISAs usually have lower fees and more investment options, according to AJ Bell. The money will stay locked until you turn 18, but you'll still get the tax-free benefits of an ISA. You can transfer the full amount from the Child Trust Fund into a Junior ISA and still add up to £9,000 more in the same tax year. How can I find the best savings rates? WITH your current savings rates in mind, don't waste time looking at individual banking sites to compare rates - it'll take you an eternity. Research price comparison websites such as Compare the Market, and MoneySupermarket. These will help you save you time and show you the best rates available. They also let you tailor your searches to an account type that suits you. As a benchmark, you'll want to consider any account that currently pays more interest than the current level of inflation - 3.4%. It's always wise to have some money stashed inside an easy-access savings account to ensure you have quick access to cash to deal with any emergencies like a boiler repair, for example. If you're saving for a long-term goal, then consider locking some of your savings inside a fixed bond, as these usually come with the highest savings rates.
Scottish Sun
04-07-2025
- Business
- Scottish Sun
Parents need to check for lost bank account with £2,200 unclaimed cash, says HMRC
Plus, we've explained what to do with the money CASH IN Parents need to check for lost bank account with £2,200 unclaimed cash, says HMRC Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HUNDREDS of thousands of young people could be missing out on £2,200 sitting in forgotten savings accounts, according to HMRC. These accounts, known as Child Trust Funds, were set up for every child born between September 2002 and January 2011. Sign up for Scottish Sun newsletter Sign up 1 Once you know who the provider is, you can contact them to withdraw or transfer the money Credit: Getty A staggering £1.4billion belonging to 671,000 young people is waiting to be claimed, but many don't know these accounts exist or that they can access the money. HMRC said the average savings pot is worth £2,212. It is now urging parents to check if their children are eligible. In a post on X, they said: "If your child is between 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200." Parents can check for Child Trust Funds on the HMRC website at You need to be over 16 or a parent to use the service. To check for your child, you'll need their full name, address, and date of birth. To check for yourself, you'll need your name, address, date of birth, and National Insurance number. The tool will tell you which provider holds the Child Trust Fund, but it won't show how much money is in the account. Once you've filled in the form, HMRC will send you a letter with the details. If you apply online, you should get this within three weeks. Postal applications may take a bit longer. If you don't hear back within six weeks, you should write to HMRC to follow up. Once you know who the provider is, you can contact them to withdraw or transfer the money. What are Child Trust Funds? CHILD Trust Funds are tax-free savings accounts that were set up by the Government for children born between September 2002 and January 2011. The Government paid £250 into each account, or £500 for children from low-income families. Another payment was made when the child turned seven, depending on their family's financial situation. In 2010, payments were reduced to £50 for well-off families and £100 for lower-income households. The scheme was scrapped in 2011 and replaced by Junior ISAs. Many parents stopped adding money to the accounts, and they were forgotten. The funds are held by banks, building societies, and other savings providers - not by the Government. Young people can take control of their account at 16 but can only withdraw the money when they turn 18. What can I do with the cash? Most people transfer the money into a bank account, invest it, or move it into an ISA. You can ask your Child Trust Fund provider to pay the money directly into your bank account by providing your bank details. If you'd prefer to invest the money, you can transfer it into an ISA for tax-free savings. If you transfer money from a Child Trust Fund into an adult ISA when it matures, it won't count towards your £20,000 annual ISA limit for over-18s. For those under 18, it's often better to move the money into a Junior ISA. Junior ISAs usually have lower fees and more investment options, according to AJ Bell. The money will stay locked until you turn 18, but you'll still get the tax-free benefits of an ISA. You can transfer the full amount from the Child Trust Fund into a Junior ISA and still add up to £9,000 more in the same tax year.
