Hundreds of thousands of young people across the UK could have money waiting in unclaimed Child Trust Fund accounts, according to HM Revenue and Customs (HMRC). The tax authority says more than 750,000 accounts have yet to be accessed, with the average account holding around £2,200.
The funds belong to eligible individuals and remain available until they are claimed or reinvested.
Child Trust Funds are long-term, tax-free savings accounts introduced by the UK government to encourage saving for children.
The scheme was available for children born between September 1, 2002, and January 2, 2011. Eligible children received a government contribution of at least £250, which was invested into an account that could only be accessed once they turned 18.
Many of those eligible are now between the ages of 15 and 23, and some may not know an account exists in their name.
Eligibility
You may have a Child Trust Fund if you:
| Requirement | Details |
|---|---|
| Date of Birth | Between September 1, 2002, and January 2, 2011 |
| Residency | Eligible under the original Child Trust Fund scheme |
| Access Age | Funds become available at age 18 |
The money remains invested until the account holder decides to withdraw it or move it into another savings product.
Amount
According to HMRC, the average unclaimed Child Trust Fund currently contains about £2,200.
Individual account balances vary depending on:
- The original government payment
- Any additional contributions made by family or guardians
- Investment performance over time
Some accounts may hold more or less than the average amount.
Claim
If you already know which bank, building society, or financial institution manages your Child Trust Fund, you can contact the provider directly to access the account.
If you do not know where your account is held, HMRC recommends using the free “Find my Child Trust Fund” service available on GOV.UK.
The online tool helps eligible individuals locate the financial institution holding their account.
Government
The government says it is working to make it easier for people to locate and access their savings.
Rachel Blake, Economic Secretary to the Treasury, said too many young people are missing out because they are unaware they have a Child Trust Fund or do not know where it is held.
She said the government is working with the financial industry to improve coordination and simplify the process of finding and claiming these accounts.
HMRC
HMRC Chief Executive JP Marks encouraged eligible young people to check whether they have an account.
According to HMRC, many people may have savings waiting without realizing it.
Officials recommend using the GOV.UK search tool if there is any uncertainty about whether a Child Trust Fund exists.
Why It Matters
Unlike many government support schemes, Child Trust Fund money does not expire when someone turns 18.
The funds remain invested until the account holder chooses to withdraw or reinvest them.
For young adults starting university, entering employment, or saving for future goals, accessing these funds could provide useful financial support.
Anyone born within the qualifying dates who has not previously checked their Child Trust Fund may wish to confirm whether an account exists.
FAQs
Who qualifies for a Child Trust Fund?
Children born between Sept. 1, 2002 and Jan. 2, 2011.
How much is the average account worth?
HMRC says the average balance is around £2,200.
When can the money be accessed?
The account becomes available when the holder turns 18.
How can I find my Child Trust Fund?
Use the free Find my Child Trust Fund tool on GOV.UK.
