Teens yet to claim trust fund savings

Teenagers who have not yet claimed their matured Child Trust Funds savings could have thousands of pounds waiting for them, according to HM Revenue and Customs (HMRC).

Child Trust Funds are long-term savings accounts set up for every child born between September 1, 2002, and January 2, 2011. To

encourage future saving and start the account, the government provided an initial deposit of at least £250.

The savings accounts mature when the child turns 18. Eligible teenagers who are aged 18 or over and have yet to access their Child Trust Fund account could have savings waiting for them worth an average of £2,100.

If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. This might be a bank, building society or other savings provider.

Alternatively, they can visit gov.uk and complete a form to find out where their Child Trust Fund is held.

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said: “Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it. We want to help you access your savings and the money you’re entitled to.”

Many eligible teenagers who have yet to claim their savings might be starting university, apprenticeships or their first job. The lumpsum amount could offer a financial boost at a time when they need it most.

Teenagers aged 16 or over can take control of their own Child Trust Fund if they wish, although the funds can only be withdrawn once they turn 18.