Martin Lewis, the founder of MoneySavingExpert, is urging parents and young adults to check for unclaimed Child Trust Funds that could be worth an average of £2,000. Speaking on ITV's The Martin Lewis Money Show, he highlighted that many individuals born between September 1, 2002, and January 2, 2011, may have forgotten about these accounts.
What Are Child Trust Funds?
Child Trust Funds were introduced by the government as a savings and investment account for children, with an initial government deposit. They were later replaced by Junior ISAs. According to Lewis, these accounts typically contain around £2,000 or more, depending on contributions and investment performance.
Who Is Eligible?
Lewis explained that anyone born between September 1, 2002, and January 2, 2011, who has not yet accessed their Child Trust Fund, can check their balance. He noted that HMRC is currently writing to 21-year-olds about unclaimed funds, but others can act now without waiting for a letter.
How to Find Your Child Trust Fund
The quickest way to locate a missing Child Trust Fund is to use the free Find a Child Trust Fund tool on gov.uk. You will need your National Insurance number (or your child's), date of birth, and a Government Gateway ID. For those under 16, a parent or guardian must use the tool; for those aged 16 to 18, either the individual or a parent can do so.
- Visit gov.uk and search for 'Find a Child Trust Fund'.
- Provide the required details to identify the provider.
- Contact the provider directly to access the funds.
Important Warnings
Lewis warned about scams, advising people to find provider details independently and to be cautious of unsolicited emails, calls, or texts. HMRC's communication is only via letter. He also noted that the tool cannot be used to find Junior ISAs.
For those who know their provider, contacting them directly is the simplest route. If unsure, parents or guardians can request HMRC to locate the provider using the child's full name, address, date of birth, and any previous names.
Lewis concluded: 'The average sum is £2,000, but it varies vastly. It's well worth checking.'
