Martin Lewis has said that thousands of people are missing out on money they have no idea they have. The Money Saving Expert has shone a light on Child Trust Funds (CTFs), of which there are 750,000 unclaimed. CTFs can be claimed by people who were born between September 1, 2002 and January 2, 2011. There is an average of £2,200 lying dormant CTFs, the money expert has revealed.
The money becomes available to people born between these years when they turn 18 years of age. However, thousands have not claimed the money sitting in their trust. The state started everyone off with a free cash voucher of up to £250 (or £500 if your family were on a low income), meaning every CTF that has gone unclaimed within those dates has at least some money in it. More than 6.3 million CTFs were opened, and it’s thought that three-quarters of a million remain unclaimed.
21-year-olds are now being sent reminders about their accounts and how to access them. However, if you don’t receive this communication, you can still track down your money.
But Martin Lewis has warned to be aware of scams when tracking down your money. “Don’t use details on there. Go and find the provider’s details yourself and be careful of emails, calls and texts. This is a letter,” he said in his most recent newsletter.
“To reclaim your CTF, you’ll need to know which bank, building society or investment provider it’s with,” Lewis’ Money Saving Expert website advises.
“If you already know this, you can simply contact it directly, though if you don’t, HM Revenue & Customs (HMRC) has a handy tool where you can find out which provider your CTF is with.”
To use HMRC’s tool, you’ll need to sign in with either a Government Gateway ID or the newer GOV.UK One Login. You will then need to fill in your or your child’s details.
After that, you should hear from HMRC within a few weeks. Once you have the relevant information, you can contact the CTF provider directly.
You can ask HMRC to find a Child Trust Fund if you are a parent or guardian of a child under 18, or an individual aged 16 or over and looking for your own trust fund.
Additionally, it’s important to note that HMRC’s tool is free. However, some companies will offer to find your CTF for a fee, even though you can do it yourself at no cost.