More than 800,000 people have forgotten Child Trust Fund account worth £2,310

More than 800,000 people have forgotten Child Trust Fund account worth £2,310 Child Trust Fund accounts were set up by the Government for children born between September 1, 2002 and January 2, 2011 Around 827,000 young adults have a Child Trust Fund account worth £2,310 on average that they have yet to claim, according to latest HMRC figures. Around 6.3 million Child Trust Fund accounts were set up by the Government for children born between September 1, 2002 and January 2, 2011. They were designed to encourage families to start saving, with each account given an initial deposit of £250, or £500 for children from low income households. Families could then choose to top up the account with up to £9,000 every tax year. Child Trust Funds are held in banks, building societies or other saving providers - but thousands of have become lost or forgotten about over the years. If young people, or their parents or guardians, know who their Child Trust Fund provider is, they can contact them directly. If not, they can locate it through the online GOV.UK Child Trust Fund locator tool. You will need your National Insurance number. Young people can take control of their account at 16 and can withdraw the money when they turn 18. Almost three million Child Trust Fund accounts held by 18 to 24 year-olds have either been claimed or transferred into an ISA. Economic Secretary to the Treasury, Lucy Rigby, who leads the Taskforce, said: “The oldest matured Child Trust Fund accounts are now more than six years old and some young people may not know they have savings waiting for them. “The Taskforce has been set up to help those young people who don’t know about their savings. If you’re unsure where your account is, you can find, quickly, easily and for free using the GOV.UK locator tool.” In July, the Government launched a new taskforce made up of banks and savings providers to try and relocate more young people with their Child Trust Funds. And in April, HMRC started sending letters to people in to remind them of their account. HMRC is only sending out letters as part of this initiative - so if you receive a text or email from someone claiming to be from HMRC, it is a scam. HMRC will not ask you to provide any financial details.