MoneySavingExpert (MSE), the consumer website founded by Martin Lewis, is urging parents to check if their children are eligible for a Child Trust Fund payment averaging £2,200 that many have forgotten about. The alert, posted on Facebook, explains that children born between 1 September 2002 and 2 January 2011 could have dormant accounts containing significant sums.
Eligibility and Background
All UK children born within that date range had a Child Trust Fund automatically opened by the state, with an initial deposit of £250. However, many accounts have been lost or forgotten, leaving an estimated 750,000 individuals missing out on an average of £2,200. The total amount varies by account, with some holding thousands of pounds.
Government Contributions
MSE detailed the varying government contributions: until 31 July 2010, the Government added an initial £250 or £500, plus a further £250 or £500 when the child turned seven. From 1 August 2010 to 2 January 2011, the second payment was scrapped, and the initial payment ranged from £50 to £500. Every account still contains a sum of money.
How to Find a Lost Child Trust Fund
Parents can use the free Find a Child Trust Fund tool on gov.uk. Required information includes the parent's or child's National Insurance number, the child's date of birth, and a Government Gateway ID to identify the provider. Adoption details should also be provided if applicable.
Success Stories from Parents
Responding to the MSE Facebook post, several parents shared their experiences. One parent commented: "My son has £5,000 in his now to be taken when he's 18 next year." Another said: "My daughters both got around 4k when they were 18 and the trust fund was switched to an ISA." A different user noted: "My son didn’t get it, born the week after! However, my daughter did and we was recommended to put into stocks and shares. So glad I did, she did extremely well!" Others reported smaller amounts, with one saying: "My 15-year-old got £65!!" and another: "Both grandsons only received £500 each from their trusts."
