Child Trust Fund: Check If You Could Claim Over £2,200 in Unclaimed Savings

Many young adults in the UK could have money waiting for them without even knowing it. According to HMRC, hundreds of thousands of eligible people have not yet claimed their Child Trust Fund, with the average account now worth around £2,212.

If you were born between September 1, 2002, and January 2, 2011, there is a good chance that a Child Trust Fund was opened in your name. Even if you have never received any paperwork or your parents cannot remember opening the account, it is still worth checking.

This guide explains what a Child Trust Fund is, who qualifies, how much it could be worth, and how you can find your account without paying unnecessary fees.

What Is a Child Trust Fund?

A Child Trust Fund is a long-term, tax-free savings account introduced by the UK Government to encourage families to save for their children's future. Eligible children received an initial government contribution when the account was opened, and in some cases additional payments were also added later.

The money remained invested over the years, allowing the balance to grow depending on investment performance and interest earned. Once the account holder reaches adulthood, they can take control of the savings and decide whether to withdraw, invest, or transfer the funds.

Today, many of these accounts have matured, but a significant number remain unclaimed because people simply do not know they exist.

Who Is Eligible?

You may have a Child Trust Fund if you were born between September 1, 2002, and January 2, 2011.

Parents, guardians, or HMRC may have opened the account when you were a child. If your family never actively managed the account, the money still remains with the original provider until it is claimed or transferred.

Many young adults have reached the age where they can access these funds but have never checked whether an account exists.

How Much Could Your Child Trust Fund Be Worth?

HMRC says the average unclaimed Child Trust Fund currently holds around £2,212.

The actual value depends on several factors, including:

• The original government contribution
• Any extra deposits made by parents or guardians
• Investment growth over the years
• Interest earned on the account

Some accounts may contain less than the average, while others could be worth considerably more depending on how they have performed.

Why Are So Many Accounts Still Unclaimed?

One of the biggest reasons is that people simply do not know they have one.

Over the years, families may have moved home, lost paperwork, or forgotten about the account entirely. In other cases, the account was automatically opened, meaning the child had no idea it even existed.

As thousands of eligible account holders reach adulthood each year, HMRC continues encouraging people to search for any forgotten savings that may belong to them.

How to Find Your Child Trust Fund

If you already know which bank, building society, or savings provider holds your Child Trust Fund, you can contact them directly.

If you do not know where your account is, HMRC provides a free online service that helps locate the provider.

To use the service, you will generally need:

• Your National Insurance number
• Your date of birth

Once the provider is identified, you can contact them to access your account or manage your savings.

Avoid Paying Third Party Search Companies

HMRC also warns people to be cautious of businesses offering to locate Child Trust Funds for a fee.

Some companies advertise search services and may charge either a fixed fee or a percentage of the money recovered. Since HMRC already provides a free search tool, paying a third party could reduce the amount you eventually receive.

Before agreeing to any paid service, it is worth checking the official government search option first.

Why Checking Is Worth Your Time

For many young adults, discovering a Child Trust Fund could provide a useful financial boost.

The money could help with:

• University expenses
• Driving lessons
• Buying a first car
• Saving for a home deposit
• Emergency savings
• Investing for the future

Even if the balance is smaller than the average, it is still money that legally belongs to the account holder.

Expert Opinion

Tax professionals have pointed out that many people are unaware these accounts even exist because they were opened many years ago. Lost paperwork, family changes, and simple forgetfulness mean thousands of eligible people have never checked whether they have money waiting.

This is why HMRC continues encouraging anyone born during the qualifying period to verify whether they have a Child Trust Fund.

Final Thoughts

If you were born between September 2002 and January 2011, spending a few minutes checking for a Child Trust Fund could prove worthwhile. With average balances now exceeding £2,200, many eligible young adults may have savings waiting to be claimed.

The process is free through official government services, and there is generally no reason to pay a company to locate your account. Whether you plan to spend the money, save it, or invest it, finding your Child Trust Fund could provide an unexpected financial opportunity.

Source

Daily Mirror article regarding HMRC's Child Trust Fund reminder and related official guidance.

Disclaimer

This article is for informational purposes only and should not be considered financial or legal advice. Eligibility, account values, and government guidance may change over time. Always verify the latest information through official HMRC and GOV.UK resources before making financial decisions.