Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust
Funds, according to HMRC.
The tax authority says that the accounts are worth £2,242 each on average.
Child Trust Funds are long term, tax-free savings accounts which were set up for
children born between 1 September 2002 and 2 January 2011 with an initial
government deposit of at least £250.
Young people can take control of their account at 16, but once the account holder
turns 18 it matures, and they can decide whether they want to withdraw the money
or re-invest it.
Young people can use the GOV.UK locator tool to find their Child Trust Fund
quickly and for free. It requires the young person's National Insurance number
and date of birth.
More than 563,000 young people went online to find their Child Trust Fund in the
12 months to the end of August 2025, says HMRC.
It takes about five minutes to submit a request to find a Child Trust Fund using
the online tool and, for most, less than three weeks to hear back.
Angela MacDonald, HMRC's Second Permanent Secretary and Deputy Chief Executive,
said:
'If you're between 18 and 23, you could be sat on a savings payout and not
even realise it. Just search 'find my Child Trust Fund' on GOV.UK to find
your savings account today.'
Internet link: HMRC press release