More than 750,000 Brits could be missing out on £2,200, it has been revealed. The UK Government says that high numbers of people could be in line to claim cash as part of their Child Trust Fund.
And now residents who were born between September 1, 2002, and January 2, 2011, are being urged to check if they are eligible.
The Child Trust Fund scheme was introduced by the government to provide young people with a pot of money when they reach 18 years old, encouraging them to form savings habits throughout adulthood.
The government says people born between these specific ages whose parents received child benefit will likely have a trust fund account.
Generally these will have been opened by a parent or guardian but in some cases HMRC may have opened an account on a young person’s behalf.
This means that people turning 18 after September 1, 2020, can access the account and withdraw money. There is also the option to move money to an ISA or another type of savings account.
A statement on the UK Government website says: “If your parent or guardian does not have details of your CTF account you can ask HMRC who your CTF provider is by completing an online form [at] www.gov.uk/find-child-trust-fund. Once you get in contact with your provider, they’ll tell you how much you have in your CTF account.
“You’ll need your National Insurance number to access this form. This is made up of two letters followed by six numbers and one letter, like QQ123456A.
“If you don’t know your National Insurance number you can find out how to request it through the helpline.
“If you’re not able to contact your CTF provider immediately after your 18th birthday you shouldn’t worry, they will keep your investments safe in a protected account until you tell them what you want to do with your money.”
For more information visit the UK Government website.