The UK government is urging individuals born between September 1, 2002 and January 2, 2011 to check for unclaimed Child Trust Fund (CTF) accounts, as £1.6 billion in savings remains untouched. According to the Treasury, more than 750,000 CTF accounts are unclaimed, with an average balance of £2,200 each.
What is a Child Trust Fund?
Child Trust Funds are long-term, tax-free savings accounts established for children born between September 1, 2002 and January 2, 2011. Around 6.3 million accounts were set up, primarily by parents or guardians, while HMRC opened the remainder. Many children received an initial government contribution of approximately £250, with an additional £250 for those from low-income families or in local authority care.
Taskforce to Raise Awareness
A new taskforce has been launched to increase awareness of CTFs and help young people claim their savings. The initiative brings together government and industry partners, including banks and building societies such as Nationwide and HSBC. Other participating providers include Coutts, The Share Foundation, Sheffield Mutual, Forester, One Family, Pilling, The Coventry, Unity Mutual, and Healthy Investments.
Economic Secretary to the Treasury Rachel Blake said: "Too many young people are missing out simply because they are not aware of where their child trust fund is or how to access it. We are acting to fix that by bringing government and industry together – improving coordination and making it easier for people to find and claim what’s rightfully theirs."
How to Claim
Accounts may go unclaimed due to difficulty locating them, forgetfulness, or a decision to leave funds invested. The funds are held by banks, building societies, or other savings providers, not the government. HMRC is writing to 21-year-olds whose accounts remain unclaimed to inform them of their CTF. Individuals can locate their CTF for free using the "find my child trust fund" service on gov.uk.
