Thousands of savers urged to cash in forgotten bank accounts worth up to £2,200
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HMRC is urging newly turned 18-year-olds to check for unclaimed Child Trust Funds (CTFs) potentially worth around £2,212. The Child Trust Fund is a tax-free savings account set up by the government for children born between 1 September 2002 and 2 January 2011.
![[You can cash in, by transferring the funds into your bank account]](https://www.thesun.co.uk/wp-content/uploads/2025/01/2024-customer-uses-atm-barclays-952106235.jpg?strip=all&w=960)
At the time, the government contributed at least £250 per account, with children from low-income families receiving an extra £250. These accounts have been growing with interest and are now worth significant sums, but many remain untouched. According to the latest figures, nearly £600,000 accounts belonging to 18 to 21 year-olds remain unclaimed.
CTFs are long-term, tax-free savings accounts and were set up for children born between September 1, 2002 and January 2, 2011. Eligible kids also had the opportunity to set up a child trust fund themselves. HMRC sent the parents or guardians of qualifying children a starting payment voucher of £250 (or £500 if you were on a low income).
If you didn't set one up for your child within a year, HMRC would do it automatically. Anyone can add to the account thereafter, and you can put up to £9,000 a year into it. The year starts on the child’s birthday and ends the day before their next birthday.
Your child will have full control over the account once they turn 18. At that point, no more money can be added either. Until your child withdraws or transfers the money, it stays in an account that no one else has access to. CTFS were replaced by Junior ISAs in November 2011, so you can't get one now.
