Nationwide joining Government taskforce as £1.6billion left unclaimed

Nationwide joining Government taskforce as £1.6billion left unclaimed More than 750,000 people are being urged to claim their entitlement Nationwide, HSBC UK, Sheffield Mutual, Yorkshire Building Society and more are now members of the Government’s newest taskforce that will be meeting for the first time to reunite 750,000 savers with their unclaimed savings accounts that are currently holding a collective £1.6billion. The taskforce will encourage more young people to claim their matured Child Trust Fund accounts, which currently each hold on average around £2,200. Only the child the account was opened for can move the money once they turn 18, meaning many have forgotten about the account entirely or are struggling to track it down. Child Trust Fund accounts were long-term, tax-free savings accounts opened for children born in the UK between 1 September 2002 and 2 January 2011. The Government provided an initial deposit and parents could then save up to £9,000 in the account each year, meaning those whose parents maxed out the contributions each year could have north of £160,000 waiting for them once they turn 18. Account holders could take control of the account once they turned 16 but they could only withdraw the money once they turned 18. The oldest people to have been eligible for Child Trust Funds are turning 24 this year, meaning they may have savings which have sat idle for the last six years. Members of the Taskforce include a number of Child Trust Fund providers to coordinate the effort in reuniting young people with their savings and tackle the practical challenges that stops people from claiming. This comes shortly after the Government announced it would be sending direct letters to eligible 21-year-olds with unclaimed accounts. Rachel Blake, Economic Secretary to the Treasury, said: “Too many young people are missing out simply because they are not aware of where their Child Trust Fund is or how to access it. “We are acting to fix that by bringing government and industry together - improving coordination and making it easier for people to find and claim what’s rightfully theirs.” JP Marks, HMRC’s Chief Executive and First Permanent Secretary, said: “Many young people have Child Trust Fund accounts with an average £2,200 waiting to be claimed. This is their money, and we want to do all we can to help them find and access it. “If you think you have one, you can use the ‘Find my Child Trust Fund’ tool on GOV.UK to find out where your account is held.” Richard Stocker, Head of Savings, Nationwide said: “Nationwide is pleased to be part of the Child Trust Fund taskforce and fully supports its aims. We remain committed to working collaboratively across the industry to build on the progress made so far and deliver a meaningful outcome on this important issue.” Philip Kurtenbach, Head of Product Management & Governance, Wealth & PB, HSBC UK said: “At HSBC UK, we’re committed to putting customers at the heart of everything we do. “We know that having a fund to support young people as they start adult life can make a real difference - opening up opportunities at a pivotal moment in their lives. That’s why we’re supporting the HMT Taskforce as the industry comes together to ensure the funds reach those they were intended for.” HMRC has a ‘Find your Child Trust Fund’ tool on its website to check if you or your child might have one of these accounts for free. The process to claim the cash is simple and can be done yourself.