If you or someone you know is between 18 and 22, there could be unclaimed cash waiting in a Child Trust Fund (CTF). HMRC recently announced that over 670,000 young adults in this age range have unclaimed CTFs, with an average balance of over £2,000. Here’s everything you need to know about checking and claiming these funds.
What is a Child Trust Fund (CTF)?
Child Trust Funds were savings accounts set up by the government for children born between 1 September 2002 and 2 January 2011. The government provided an initial deposit, typically at least £250, to help young people start saving for their future. Around 6.3 million CTF accounts were created during the program.
Who Has Unclaimed CTF Money?
Anyone who turned 18 on or after 1 September 2020 could have unclaimed money in a dormant CTF account. HMRC has been encouraging young adults, as well as parents of children now aged 18-22, to check if these funds have been claimed.
How to Claim Your Child Trust Fund
To find out if you have a CTF, you don’t need to pay anyone. Simply search “find your Child Trust Fund” on GOV.UK. HMRC has made the process straightforward so that young people can easily access the money they’re entitled to.
Why Claiming Your Child Trust Fund Matters
These funds were created to provide young adults with a financial boost as they start their journey into adulthood. Don’t miss out on potentially significant savings. Check if you’re one of the many with unclaimed funds waiting for you.
Child Trust Funds represent a valuable opportunity for young adults to access unclaimed savings. If you or someone you know was born between 1 September 2002 and 2 January 2011, take a moment to check if you have money waiting in a CTF account. It’s easy, free, and could make a big difference in your financial future.