If you were born between September 1, 2022, and January 2, 2011, you might be sitting on a hidden jackpot. The Share Foundation has sounded the alarm that about £1.4 billion in Child Trust Funds (CTFs) remains unclaimed, affecting roughly 728,000 accounts.
On average, there’s a potential windfall of £2,212 waiting for each account holder, including a government deposit of £250.
While youngsters gain control over these accounts at 16, they can only access the funds at 18. It’s essential to understand that these are not government-held savings but rather are with banks or other financial institutions.
They’ll stay put until withdrawn or moved into another investment.
Gavin Oldham from The Share Foundation urges: “If you are 18-21 years old, the government would have put money aside for you shortly after birth. This investment would have grown quite a bit and it’s in your name.”
To claim your CTF, start by identifying the provider. If you’re drawing a blank, fret not – the government’s online search tool stands ready to assist using just your National Insurance Number and date of birth.
This service allows you to access details from the HMRC if you are a parent or guardian of a child under 18, or if you’re aged 16 or over and seeking information about your own trust fund. Once the account provider has been identified, they can be contacted directly for information on the account balance and withdrawal limits.
The Share Foundation also offers a free service to help individuals locate their Child Trust Fund (CTF). In collaboration with The Tracing Group, the foundation has developed a CTF Register that stores data of all relevant addresses associated with “gone away” or “never registered” CTF accounts held by participating providers.
When a young person registers an account with the Share Foundation, their information is cross-referenced with the register to assist in locating a potential account.
