Are you missing out on £2,000 savings stash?

A huge number of young adults are missing out on thousands of pounds of unclaimed savings - and the government wants to put this right.

Child trust funds (CTFs) are long-term tax-free savings accounts for children born between 1 September 2002 and 2 January 2011.

The idea was that these pots of money would increase in value over subsequent years and could then be claimed once the child turned 18.

But thousands of these accounts have not yet been claimed.

In fact, more than 750,000 young people have unclaimed child trust fund (CTF) accounts worth £2,200 on average.

What’s being done?

The government has created a Child Trust Fund Taskforce, bringing together ministers and CTF providers, including Nationwide, HSBC UK, Yorkshire Building Society and One Family.

It’s been set up to improve coordination across government and industry so that more young people can access unclaimed money.

Rachel Blake, economic secretary to the Treasury, said this would make it “easier for people to find and claim what’s rightfully theirs”.

“Too many young people are missing out simply because they are not aware of where their CTF is or how to access it,” Ms Blake added.

How can I find my child trust fund?

You can find your matured child trust fund for free using the GOV.UK locator tool. 

Just search ‘find my Child Trust Fund’ on GOV.UK to find your account, and make sure you have your national insurance number on hand.

If you or your parents already know who your child trust provider is, you can contact them directly.

Submitting a request should take about five minutes and you can expect a response in less than three weeks.

How did CTFs work?

The government initially contributed £250 to each account, with children from low-income families or those in local authority care receiving an extra £250. 

Parents, guardians and other family members could also pay up to £9,000 a year into their child’s account. 

And even without additional payments, most funds are worth much more than when they were set up, because of interest.