HM Revenue & Customs has launched an urgent nationwide campaign targeting millions of Britons who could be sitting on forgotten fortunes from their childhood.
The Hidden Windfall Waiting for You
If you were born between September 1, 2002, and January 2, 2011, you likely received a £250 or £500 Child Trust Fund (CTF) from the government. These tax-free savings accounts have been quietly growing for over a decade, with many now containing substantial sums that their owners have completely forgotten about.
How Much Money Could You Claim?
The average unclaimed CTF now holds approximately £2,100, but some accounts have ballooned to as much as £6,500. With over 500,000 matured accounts still unclaimed, there's potentially over £1 billion waiting to be reunited with their rightful owners.
Why Are So Many Funds Unclaimed?
The CTF scheme was automatically provided to every eligible child, meaning many parents set them up and subsequently forgot about them. Now that the first wave of recipients have turned 18, HMRC is scrambling to connect people with their money.
"Many young people are sitting on a nest egg they don't even know exists," said a government spokesperson. "With the cost of living crisis affecting so many, this money could be life-changing for students and young adults."
How to Check If You Have Unclaimed Money
Finding your lost CTF is simpler than you might think:
- Visit the official GOV.UK website
- Use the dedicated Child Trust Fund search tool
- Provide your National Insurance number and basic personal details
- Receive instant information about any accounts in your name
What to Do Once You Find Your Fund
Once you locate your CTF, you have several options:
- Withdraw the entire amount tax-free
- Transfer it to an Adult ISA to continue growing tax-free
- Leave it in the existing account to accumulate further interest
"I had no idea I had £3,200 just sitting there," said 21-year-old university student Sarah Jenkins. "It's paid for my textbooks and accommodation deposit. Every young person should check."
Don't Let Your Money Gather Dust
With inflation eating into savings and many young people struggling financially, this unexpected windfall could provide crucial breathing room. The search takes minutes, but the payoff could be thousands of pounds that are rightfully yours.
HMRC emphasizes that there are no fees or charges to claim your CTF money, and the process is designed to be quick and straightforward.
