Almost 3 million young adults have claimed a matured Child Trust Fund or moved it into an ISA since September 2020, HM Revenue and Customs says — while around 827,000 accounts are still waiting to be claimed, worth about £2,310 on average.
Child Trust Funds are long-term, tax-free savings accounts opened for children born between 1 September 2002 and 2 January 2011, with a government starter deposit of at least £250. From 16 you can start managing the account; at 18 it matures and you can withdraw, leave it, or reinvest.
HMRC is pushing 18-to-24-year-olds who still don’t know where their money sits to track it down. If you know the provider, contact them direct. If not, use the free GOV.UK Child Trust Fund locator — roughly 500,000 young people used it in the nine months to August this year. A request usually takes about five minutes with a National Insurance number and date of birth, and most hear back within three weeks. Missing your NI number? Pull it from the HMRC app into a digital wallet.
Anna, 18, from London, has already claimed hers: “It was really straightforward. Nationwide kept me updated the whole way through and explained how to access the money. I’m heading off to university soon, and I honestly had no idea how expensive things like saucepans, plates and all the other essentials would be, so this support has been really helpful.”
Matteo, 18, also from London, is holding fire: “I’ve just turned 18 and I’m looking at all my options before deciding what to do with my Child Trust Fund. My parents have topped it up over the years, so it’s grown into a really useful amount of money. I don’t want to rush into anything or waste it, so I’m taking the time to work out what’s best for me.”
A Child Trust Fund Taskforce is bringing government and industry together to cut the unclaimed pile. Economic Secretary to the Treasury Lucy Rigby, who leads it, said: “The oldest matured accounts are now more than six years old and some young people may not know they have savings waiting for them. The Taskforce has been set up to help those young people who don’t know about their savings. If you’re unsure where your account is, you can find it quickly, easily and for free using the GOV.UK locator tool.”
The money is held by banks, building societies and other providers — not by government. Full detail sits on GOV.UK.
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