Over £1.7bn in Child Trust Funds still unclaimed

HMRC estimates around 670,000 young adults are yet to claim their matured Child Trust Fund, with an average value of around £2,200. Child Trust Funds were government-backed savings accounts opened automatically for children born between 1 September 2002 and 2 January 2011.

Funds become accessible to the account holder at age 18. Where the parents or child do not engage with the provider, the money sits in the original account and continues to grow but cannot be accessed without identification and a claim.

Anyone who thinks they may have a CTF can use HMRC's free Child Trust Fund tracing service at gov.uk. The service identifies which provider holds the fund; the account holder then needs to contact the provider directly with proof of identity.

Once located, funds can be withdrawn, transferred to an adult ISA, or moved between providers. Several family members tracing on behalf of a child can use the same service with the child's consent.