Do you have a hidden bank account as £1.4billion goes unclaimed
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OVER half a million people could be missing out on their share of £1.4billion which is being held in forgotten accounts. Child Trust Funds are long-term, tax-free savings accounts which were set up for every child born between September 2002 and January 2 2011.
![[Woman's hands counting British pounds and coins.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/detail-woman-counting-money-payment-937017974_c6a69f.jpg?strip=all&w=960)
The Government deposited £250 for every child during that time period, or £500 if they came from a low income family earning around £16,000 a year or below. An extra £250 or £500, depending on their families' economic status, was deposited when the child turned seven.
In 2010, this was reduced to £50 for better off households and £100 for those on a lower income. The scheme was eventually scrapped in 2011 as part of cost-cutting measures following the 2009 financial crisis and was later replaced with Junior ISAs.
Currently, parents or friends can deposit up to £9,000 into the child's account tax-free, with the money usually invested into shares. The youngest children across Britian to have these accounts are about 13 years old, so have around five years before they can access the cash.
It is important to note that savings in these accounts are not held by the Government but are held in banks, building societies or other saving providers. The money stays in the account until it’s withdrawn or re-invested. Young people can take control of their Child Trust Fund at 16, but can only withdraw funds when they turn 18 and the account matures.
