Martin Lewis has given an “important message” to anyone aged between 12 and 20, or their parents, as they could potentially miss out on more than £2,000.
The Money Saving Expert released a video on Twitter urging people to check if they are one of “one million people missing out on possibly £1,000 savings you don’t know about”.
Anyone who was born between September 1, 2002, and January 2, 2011, will have a Child Trust Fund.
The money within the account is locked until you are 18, but up to a million of the 6.3 million accounts opened are believed to be lost with people unaware they have the money in savings.
Age 12 to 20 (or the parent of someone who is): are you one of up to 1m people missing out on possibly £1,000 savings you don’t know about?
— Martin Lewis (@MartinSLewis) January 23, 2023
Please share with anyone affected. pic.twitter.com/wfiR7EUFmg
Martin Lewis said: “You might be thinking: ‘But my parents didn’t have any money to put in’, it doesn’t matter because the state started everybody off with at least £250, or for some from lower income backgrounds, £500.
“Every Child Trust Fund had money in it, but of the 6.3 million that were active it is thought up to a million are lost, people have lost track of them or are unaware they had them.
“The Government estimates that the average Child Trust Fund has £2,100 in. I think if it was inactive and no one put money in then it is likely to be less than that, but it is still likely to be £300, £400, £500, £1,000, possibly more.”
Martin flagged a government tool that can help you track down your Child Trust Fund if you born between September 1, 2002, and January 2, 2011.
You can find the tool here, fill in your details and within three weeks you will hear from HMRC which bank or building society your account is with, and how you can get access to it.
The Money Saving Expert also had tips for how to make the most of your money in the account.
He said: “If you are under 18 the money is still locked away, and because that is now a dead account there is not much competition for the interest that can be earned in the savings version.
“Check what interest rates it is paying and then compare it to the top Junior ISAs, which is the successor product to the Child Trust Fund, although they did not give you the £250 cash start.
“Then you can apply to open the Junior ISA and within that there will be a transfer form which allows you to transfer the Child Trust Fund into the Junior ISA, so you now have all the money in the Junior ISA at a higher rate.
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