HM Revenue and Customs is reminding 18 to 22-year-olds to claim their Child Trust Fund.
Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures. The average savings pot is worth £2,212.
The savings are not held by government but are held in banks, building societies or other saving providers. The money stays in the account until it’s withdrawn or re-invested.
If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. If they do not know where their account is, they can use the online tool on GOV.UK to find out their Child Trust Fund provider.
Further information on Child Trust Funds and how to access your savings can be found on GOV.UK. Councils are encouraged to share this information as appropriate.
Online tool:
https://www.gov.uk/child-trust-funds/find-a-child-trust-fund