HMRC has reminded young people in their teens and twenties to claim their matured Child Trust Fund (CTF) savings.
CTFs are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the government provided an initial deposit of at least £250. An estimated 6.3 million CTF accounts were set up throughout the duration of the scheme, containing about £9 billion.
The savings accounts mature when the child turns 18 years old, and eligible young people who are aged 18 or over and have yet to access their CTF account could have savings waiting for them worth an average of £2,100.
If young people or their parents and guardians already know who their CTF provider is, they can contact them directly – alternatively, they can visit GOV.UK and complete an online form.
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.’