Latest news with #ChildTrustFund
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.
Leader Live
09-06-2025
- Business
- Leader Live
Wrexham case as extent of unclaimed Child Trust Funds revealed
Almost half (46.1%) of that belongs to those from low-income backgrounds who may need the money most. As of the end of May, nearly 35,000 young people across the country are unaware of their accounts and don't have access to what is rightfully theirs, according to figures from The Share Foundation. The data comes as child poverty in Wales is set to reach its highest rate in 30 years, with the Joseph Rowntree Foundation warning that more than 34% of children could be living in low-income families by the end of the decade. The Share Foundation, a registered charity that runs Junior ISA and Child Trust Fund schemes for young people in care throughout the UK on behalf of the Department for Education, is calling for the government to introduce automatic release of HMRC-allocated Child Trust Fund money when recipients turn 21. Under the proposal, countersigned by former Minister Ruth Kelly and parliamentarians from both Houses, account providers would be required to close and pay out proceeds via Government National Insurance channels for all unclaimed HMRC-allocated matured Child Trust Funds. 'Child poverty is becoming one of the big issues of our time,' commented Gavin Oldham OBE, Chair of Trustees at The Share Foundation. 'We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed. "These initiatives are delivering positive outcomes exactly when families need them most.' To date, The Share Foundation has matched more than 85,000 young people with their Child Trust Funds, recovering over £165 million for young adult account owners through its free search facility developed with HMRC and Child Trust Fund account providers. The charity's mission is to encourage and facilitate inter-generational rebalancing by providing young people from disadvantaged backgrounds with both material resources and life skills knowledge to achieve their potential in adult life. TOP STORIES TODAY One of those who has discovered that he was entitled to the funds was Corey Polley from Wrexham. The 20-year-old has been self-employed for the last three years, doing timber framing. About two years ago, he found out about the Child Trust Fund through a family member. He used the Share Foundation website to see where his fund was held, a process which took 'about a week'. He claimed around £800 which has paid for his tools which was really important for him in his job, as otherwise it would have been harder for him to progress his career with the tools he had before. He has since told his friends who have also claimed their money. Corey said: 'Finding out about this money has been a massive help. I had no idea it even existed and it came at the perfect time when I was starting out in my career. "So many young people like me still don't know the child trust fund exists, so The Share Foundation's proposal for young people to get their fund automatically paid when they turn 21 makes a lot of sense. It could give other young people the same head start I got.'
Daily Mail
18-05-2025
- General
- Daily Mail
How YOUR family could share in a £1.3 billion cash windfall: That's how much is sitting in lost or forgotten child trust fund accounts - and this is how to claim it
Young people are missing out on more than £1.3billion that is sitting in lost or forgotten accounts set up in their names, new figures reveal. Almost 690,000 young people haven't claimed their child trust fund (CTF) accounts, according to analysis by charity The Share Foundation. Londoners are the biggest losers, with almost 100,000 accounts containing some £196million unclaimed. CTFs were set up by the government for children born between September 1, 2002, and January 2, 2011.
