Child Trust Fund cash

If you turned 18 on or after 1 September 2020 there might be some cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should also check if they have claimed what they are entitled to. The amount of money depends on many factors but averages at £2,100.

Children born after 31 August 2002 and before 3 January 2011 were entitled to a CTF account provided they met the necessary conditions. These funds were invested in long-term saving accounts for newly born children. HMRC has confirmed that there are many thousands of teenagers that have turned 18 and have not yet claimed the cash they are entitled to.

HMRC’s Second Permanent Secretary and Deputy Chief Executive recently commented:

'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. To find out more search ‘Child Trust Fund’ on GOV.UK.'

An estimated 6.3 million CTF accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian could not set up an account for their child, HMRC opened a savings account on the child’s behalf.

If you are over 18 and already know who your CTF provider is, you can contact them directly to access your cash. This might be a bank, building society or other savings provider. If this information has been lost or is unavailable, then you can check and track down your provider online using a simple online tool created by HMRC.