Hundreds of thousands of young adults are being urged to check whether they have a forgotten savings account containing thousands of pounds. HM Revenue and Customs (HMRC) estimates around 827,000 matured Child Trust Funds remain unclaimed, with an average value of £2,310.
Based on those figures, around £1.9 billion could collectively be sitting in accounts waiting for young people to access it. The latest figures come as HMRC encourages people aged between 18 and 24 who do not know where their Child Trust Fund is held to use its free online locator.
Almost three million accounts already claimed
Almost three million matured Child Trust Fund accounts have already either been claimed or transferred into an Individual Savings Account (ISA) since September 2020. However, HMRC estimates around 827,000 young adults still have a matured account waiting to be claimed, worth £2,310 on average.
Who could have a Child Trust Fund?
Child Trust Funds are long-term, tax-free savings accounts which were set up for children born between September 1, 2002 and January 2, 2011. The accounts were launched with an initial Government payment of at least £250.
If a parent or guardian did not open an account for an eligible child, the Government opened one on their behalf. Young people can take control of their Child Trust Fund from the age of 16, but cannot access the money until they turn 18.
Once the account matures, they can withdraw the money, leave it in the existing account or reinvest it. The Child Trust Fund scheme closed to new accounts in January 2011 and was replaced by Junior ISAs.
How to find a lost Child Trust Fund
Anyone who knows which bank, building society or other provider holds their Child Trust Fund can contact the company directly. Those who do not know where their account is held can use the free Child Trust Fund locator on GOV.UK.
HMRC said submitting a request takes around five minutes and requires the young person's National Insurance number and date of birth. Most people should receive a response within three weeks. Anyone who does not know their National Insurance number can also retrieve it using the HMRC app.
Almost 500,000 young people used the GOV.UK locator during the nine months to August this year to track down their savings.
Economic Secretary to the Treasury Lucy Rigby, who leads the Child Trust Fund 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. 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."
Child Trust Fund Taskforce
A Child Trust Fund Taskforce has been established to bring together the Government and savings industry in an effort to reduce the number of unclaimed accounts. The accounts themselves are not held by the Government. The money is held with banks, building societies and other savings providers.
HMRC's latest Child Trust Fund figures were published as part of its Annual Savings Statistics for 2026 and cover the period up to April this year. Full details about Child Trust Funds can be found on GOV.UK.
