Martin Lewis is urging parents and young people to check whether they are missing money held in Child Trust Funds, government-backed savings accounts that were set up for children born over a nine-year period. According to Lewis, many of these accounts contain around £2,000 and, in some cases, significantly more.
Speaking on ITV’s The Martin Lewis Money Show, the MoneySavingExpert founder said millions of families may be unaware that these funds exist or where they are held. HMRC has begun writing to hundreds of thousands of young adults to prompt them to claim the money.
Child Trust Funds were introduced by the government to encourage long-term saving for children. Every eligible child received a starter contribution from the state, with families able to add more over time. Although the scheme closed to new accounts in 2011, the funds still belong to the children named on them.
Martin Lewis says many accounts have simply been forgotten, particularly where families moved house or changed contact details. As a result, young people aged roughly 15 to 23 may be sitting on savings they do not realise they have.
Child Trust Fund
Child Trust Funds were set up for children born between September 1, 2002, and January 2, 2011. If a child was eligible and parents did not actively choose a provider, the government automatically opened an account on their behalf.
Lewis estimates the average balance is around £2,000, though he stresses that amounts vary widely depending on whether parents added money and how the investments performed over time.
Some accounts may contain only a few hundred pounds, while others can be worth several thousand.
HMRC Letters
HMRC is currently writing to around 750,000 young people aged 21 who have not yet claimed their Child Trust Fund. The letters are designed to tell recipients which provider holds their account and how to access it.
Lewis said these letters are genuine and useful, but he also warned that people should remain cautious about scams. He advised people not to click links in unsolicited messages and instead to independently verify information through official government channels.
How to find a Child Trust Fund
The government provides a free online service called Find a Child Trust Fund, available on gov.uk. Martin Lewis strongly recommends using this tool rather than paid services or third-party companies.
To use the service, you will need the child’s National Insurance number and date of birth. A Government Gateway ID is also required.
Who can use the tool depends on age:
- Under 16: a parent or guardian must use the service
- Age 16 to 18: either the young person or a parent can use it
- Age 18 and over: the account holder must use it themselves
Once the search is complete, the tool tells you which financial provider holds the account, allowing you to contact them directly.
Accessing the money
The rules for accessing Child Trust Funds depend on age.
The money is locked in until the child turns 18. At that point, the account matures and the funds legally belong to the young person. They can withdraw the money, leave it invested, or transfer it into an adult ISA.
For those aged 16 or 17, the account can usually be managed but not fully accessed. This may include checking balances or changing investment options, depending on the provider.
Parents cannot withdraw the money once the child reaches 18, even if the parent originally paid into the account.
Why many accounts are forgotten
Lewis says there are several reasons why Child Trust Funds often go unclaimed. Some parents never actively engaged with the account after it was opened. Others lost paperwork over time or were unaware that an account had been set up automatically.
Young people themselves may not know the account exists, especially if their parents did not discuss it or if family circumstances changed.
Because the accounts can sit untouched for years, the money does not disappear. It remains invested or held as cash until claimed.
Scam Warning
Martin Lewis has warned people to be alert to scams targeting Child Trust Fund holders. Fraudsters may pose as recovery agents or claim they can release funds for a fee.
Lewis advises finding provider details yourself using gov.uk and contacting the provider directly. Legitimate access to a Child Trust Fund does not require upfront fees to third parties.
Any unexpected emails, calls, or texts claiming to help recover funds should be treated with caution.
Key details at a glance
| Item | Details |
|---|---|
| Eligible birth dates | Sept 1, 2002 to Jan 2, 2011 |
| Average balance | Around £2,000 |
| Account owner | The child named on the fund |
| Access age | 18 |
| Search tool | Find a Child Trust Fund on gov.uk |
| Cost to search | Free |
Why it Matters
For many young people, £2,000 can make a meaningful difference, whether it is used for education, housing costs, or savings. Lewis says the key issue is awareness, not eligibility.
He has encouraged families to take a few minutes to check, calling it one of the simplest ways to uncover forgotten money that already belongs to you.
As HMRC continues to send reminder letters, Lewis says now is a good time for parents and young adults to confirm whether a Child Trust Fund exists and ensure the money is not left untouched.
FAQs
Who could have a Child Trust Fund?
Those born between Sept 2002 and Jan 2011.
How much money is usually in the account?
Around £2,000 on average.
How do I find a Child Trust Fund?
Use the free gov.uk search tool.
When can the money be withdrawn?
From age 18.
