Thousands of young people missing out on Child Trust Fund savings worth over £2,200

Hundreds of thousands of young people across the UK are being urged to check if they have a matured Child Trust Fund (CTF), with an average payout worth £2,242.

New figures from HM Revenue and Customs (HMRC) reveal that 758,000 accounts remain unclaimed by those aged 18 to 23. Child Trust Funds were set up for children born between 1 September 2002 and 2 January 2011, with an initial government deposit of at least £250.

The accounts, designed as long-term, tax-free savings pots, can be accessed from the age of 18, but many remain untouched because young people are unaware they exist.

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:

“If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”

Thousands eligible to claim in September

With September being the most common birth month, HMRC says a large number of young people have recently become eligible to claim their Child Trust Fund.

The savings accounts are not held by government but are instead managed by banks, building societies and other financial providers. Account holders can either withdraw their money or reinvest it once the fund matures.

If a young person or their parent or guardian already knows the provider, they can contact them directly. Those unsure can use the GOV.UK Child Trust Fund locator tool, which is free, takes only five minutes to complete, and typically provides results within three weeks.

In the 12 months to August 2025, more than 563,000 people used the online tool to trace their Child Trust Fund, with September 2024 recording over 71,000 searches, the busiest month on record.

Encouragement from the financial sector

Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, welcomed the renewed push to reunite young people with their money.

“As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking & Finance welcomes HMRC’s call for young people to claim their Child Trust Fund savings. It’s encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs.

“With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”

How to find a Child Trust Fund

Young people need their National Insurance number and date of birth to use the GOV.UK tool.

For those who do not have their National Insurance number handy, it can be quickly retrieved using the HMRC app, which allows users to store it securely in their digital wallet.

The Child Trust Fund scheme closed in January 2011, replaced by Junior ISAs, but HMRC continues to encourage account holders to reclaim what is rightfully theirs.