What is a Child Trust Fund?
A Child Trust Fund (CTF) is a special savings account the UK government gave to children born between 1 September 2002 and 2 January 2011. The government gave parents a voucher worth £250 or £500 (depending on the family’s income) to open the account, and family members could add more money over time.
The idea was to give every child a little nest egg to help them when they turned 18. But now, many young people don’t even know they have one and millions of pounds are sitting unclaimed.
Who Can Claim the Money?
If you were born in the UK between 2002 and 2011, you might have a Child Trust Fund in your name even if your parents never opened the account. In that case, HMRC would have opened one for you.
You can access the money from age 18. If you’re already 18 or older, you can withdraw it. If you’re 16 or 17, you can take control of it and decide what to do with it when you turn 18.
Parents or guardians can also find the account for children under 18.
How Much Money Might Be in There?
The amount in the fund depends on how much was added and how it was invested. Some accounts may have grown to £1,000 or more, especially if family added money or it earned good returns.
Even if it’s just the government’s original payment, it’s still free money!
How to Find Your Child Trust Fund
If you don’t know where your CTF is, don’t worry the government has made it easy to find out.
You can use the official government tool here:
Find a Child Trust Fund – GOV.UK
To use the service, you’ll need:
- Your National Insurance number
- A Government Gateway account (you can create one if you don’t have it)
Once you’ve logged in, HMRC will search for your account and tell you where it’s held usually with a bank or investment company. From there, you can contact them to access or manage your money.
Don’t Miss Out!
More than one million people haven’t claimed their Child Trust Funds yet and that could be hundreds or even thousands of pounds sitting unclaimed.
So, if you (or your child) were born between 2002 and 2011, it’s worth taking a few minutes to check. It’s quick, free, and it could give you a nice financial boost!