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Today, I want to talk about something that could be worth over £2,000 to you or your children—money that might be sitting unclaimed and growing in a Child Trust Fund (CTF). It’s time to find out if you’re one of the 671,000 young adults who could have this money waiting for them!
What is a Child Trust Fund?
If you were born between 1 September 2002 and 2 January 2011, you’ll want to pay close attention. The government set up a Child Trust Fund for every child born in this period, with an initial deposit of £250 (and even more for lower-income families). These funds were designed to encourage long-term savings and provide a financial head start for young adults when they reached the age of 18.
But here’s the thing: many people don’t even know they have this money! In fact, HMRC estimates that there are over 671,000 unclaimed accounts, with the average balance sitting at an incredible £2,212. Imagine what you or your child could do with that!
How Can You Access Your Child Trust Fund?
The fund came under your control when you turned 16, but the money couldn’t be withdrawn until you turned 18. Now that you’re eligible, it’s just sitting there, waiting for you to claim it!
Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, recently highlighted how easy it is to locate and access your funds. Simply search “find your Child Trust Fund” on GOV.UK, and you’ll be guided through the process. You don’t need to pay anyone for this service, and it’s much quicker to do it yourself.
Beware of Third-Party Services
You might come across third-party agencies offering to help you locate your Child Trust Fund for a fee. These services can charge up to £350 or take 25% of your fund’s value! Not only can this be costly, but it might also take longer to access your money this way. Why pay for something you can easily do yourself for free?
Did You Know?
Even if your parents didn’t open a Child Trust Fund account for you, the government would have done it on your behalf. So there’s a good chance that this money is sitting somewhere just waiting for you to claim it!
How to Check if You Have a Child Trust Fund
The quickest way to check is to visit the GOV.UK website and use their "Find a Child Trust Fund" tool. Here's the link: Child Trust Fund: Find a Child Trust Fund - GOV.UK (www.gov.uk) All you need is your National Insurance number or Unique Reference Number (URN) to get started. In just a few minutes, you could be on your way to accessing potentially thousands of pounds.
My Personal Take as a Chartered Accountant
As a professional who is passionate about helping people make the most of their money, I urge everyone who was born during this period (or their parents) to take a few minutes to check. You could be sitting on a small fortune without even knowing it! In my experience, many families are completely unaware of these funds, and it’s always wonderful to see the surprise and relief on my clients’ faces when they discover they have this extra money.
Take Action Today!
If you or your child was born between 1 September 2002 and 2 January 2011, don’t wait any longer. Search for your Child Trust Fund today and see if you have a financial windfall waiting for you.
If you’d like any help or have questions about Child Trust Funds or other areas of finance, feel free to reach out to me and my team at Derbyshire Accountants. We're always here to help you make the most of your financial future.
Get in touch today, and let’s make sure you’re not leaving money on the table!
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