HMRC is advising parents to investigate the possibility of a forgotten savings account for their child, potentially holding £2,200. The reminder pertains to Child Trust Funds, which were provided to children born between September 1, 2002, and January 2, 2011. Each child received a voucher valued at £250, or £500 for those from lower-income families, to promote saving habits within families.
Parents had the option to contribute up to £9,000 annually to the Child Trust Fund. In cases where parents did not open the account, HMRC would initiate one on the child’s behalf, leading to many accounts being overlooked or misplaced. Recent HMRC data reveals that the average value of a Child Trust Fund stands at £2,200, varying based on the actual savings accumulated.
HMRC shared a message on social media platform X, notifying parents that children who have turned 18 may possess a Child Trust Fund averaging £2,200. While new accounts cannot be opened, existing accounts are still open for deposits, with access granted upon reaching 18 years of age.
Individuals can contact their Child Trust Fund provider directly if they know the institution’s name to seek more information. Alternatively, if the account details are lost, HMRC can assist in locating the account through a form submission on the GOV.UK website. Parents, guardians of children under 18, or individuals aged 16 and above seeking their own accounts can request HMRC’s help in locating a Child Trust Fund.
To initiate the search process, individuals will need their National Insurance number and Government Gateway ID to complete the online form. Additionally, requests can be made via post by sending a letter to: Charities, Savings, and International 1, HMRC, BX9 1AU, including comprehensive account holder details like full name, date of birth, address, and National Insurance number.
The Mirror highlighted an accountancy and finance student, Tayo Olutunde, residing in Leeds, who discovered a Child Trust Fund exceeding £2,000. Tayo, 22 years old, shared that he learned about Child Trust Funds from TikTok and eventually confirmed the existence of his account with the help of his mother.