HMRC has confirmed that approximately 827,000 matured Child Trust Fund accounts remain unclaimed, with an average value of £2,310 each.
This comes as close to three million matured Child Trust Fund accounts have been claimed or transferred into an Individual Savings Account (ISA) since September 2020.
What are Child Trust Funds?
Child Trust Funds are long-term, tax-free savings accounts established for children born between 1 September 2002 and 2 January 2011 by the Labour Party government. The funds, spearheaded by Gordon Brown, came with an initial government deposit of at least £250.
Young people are able to take control of their account at 16, and once the account matures at 18, they can decide what they wish to do with the funds. They may withdraw the money to spend, leave it where it is, or reinvest it elsewhere.
Taskforce to help young savers
Economic Secretary to the Treasury, Lucy Rigby, who leads the taskforce, said: "The oldest matured Child Trust Fund accounts are now more than six years old and some young people may not know they have savings waiting for them."
She added: "The Taskforce has been set up to help those young people who don't know about their savings. If you're unsure where your account is, you can find, quickly, easily and for free using the GOV.UK locator tool."
