If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF).

If your children recently turned 18 you should check to see if they have claimed the money, to which they are entitled.

Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account with the government contributing an initial deposit, usually of at least £250. These funds were invested in long-term saving accounts for newly born children. HMRC has confirmed that there are many thousands of teenagers that have turned 18 and not yet claimed the cash to which they are entitled.

An estimated 6.3 million CTF accounts were set up throughout the duration of the scheme. If a parent or guardian was unable to set up an account for their child, HMRC opened a savings account on the child’s behalf.

If you are over 18 and already know who your CTF provider is you can contact them directly to access your cash. This might be a bank, building society or other savings provider. If this information has been lost or is unavailable, then you can check and track down your provider online using a simple online tool created by HMRC.

HMRC has published their latest statistics on Child Trust Funds which reveal that whilst 320,000 accounts have now matured, 175,000 funds that have matured remain unclaimed.

If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should also check if they have claimed the money to which they are entitled. The average market value of a matured but not withdrawn account was £2,142 and for a withdrawn account, was £2,721. The actual amount of money depends on a number of factors.

Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account provided they met the necessary conditions. These funds were invested in long-term saving accounts for newly born children. 

Seven million CTF accounts were set up since the scheme was launched in 2002, roughly 6 million by parents or guardians and a further 1 million by HMRC where parents or guardians did not open an account.

Around 55,000 accounts mature each month and HMRC has created a simple online tool to help young people find out where their account is held. If you are unsure if you have an account or where it may be, it is easy to track down your provider online.

The actual CTF accounts are not held by HMRC, but by a number of CTF providers who are financial services firms. Anyone can pay into the account, with an annual limit of £9,000, and there is no tax to pay on the CTF savings interest or profit.