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Hundreds of thousands could be owed £2,200 without realisingHMRC has confirmed that many thousand of people aged between 18 and 22 have unclaimed savings accountsCommentsNewsRory

Poulter01:53, 01 Jun 2025Updated 07:14, 02 Jun 2025The money, held in Child Trust Funds (CTFs), was deposited by the Government under a Labour initiative aimed at encouraging children to

save(Image: undefined via Getty Images) A vast number of young adults could be unknowingly sitting on a small fortune worth over £2,000. HM Revenue and Customs (HMRC) has confirmed that

thousands of individuals aged between 18 and 22 have unclaimed savings accounts - some dating back to the early noughties - that are now ripe for cashing in.

The money, held in Child Trust Funds (CTFs), was deposited by the Government under a Labour initiative aimed at encouraging children to save. However, many of the young people eligible for

the cash are oblivious to the existence of these accounts, and are being encouraged to "cash in their stash" - with the average claim amounting to £2,200.

‌ The HMRC stated: "Thousands of Child Trust Fund accounts are sitting unclaimed. We want to reunite young people with their money and we're making the process as simple as possible."

‌ Launched in 2002, the CTF scheme provided every child born between 1 September 2002 and 2 January 2011 with a tax-free savings pot - typically starting with a government contribution of

£250. Some children from lower-income families received double this amount.

The funds were deposited into bank or building society accounts, and although the scheme closed in 2011, the money remains tucked away, accruing interest, until claimed. Yet many of the

now-adult beneficiaries remain completely in the dark.

"If you're over the age of 18 and have not claimed your #ChildTrustFund, then you may be eligible to cash it in," HMRC said in a recent alert. "The average amount claimed is £2,200."

Article continues below The money becomes available when the young saver turns 18, as the account automatically changes into an adult ISA – if the holder takes no action. Yet, due to

confusion and awareness issues, a vast amount of cash is still sitting untouched.

Some new adults are enlisting private firms that vow to find their funds for them – but at a hefty fee. It's been reported that one such company charges £350 or even 25% of the fund’s worth.

However, HMRC urges there's no reason to fork out any money for this service. Their statement was crystal clear: "You don't need to pay anyone to find your Child Trust Fund for you, locate

yours today by searching 'find your Child Trust Fund' on GOV.UK."

If you want more information, just click here. In fact, the government provides a free-of-charge method to track down who manages your CTF – all it takes is giving your National Insurance

number and birth date. In the previous year alone, the service aided over 450,000 in their search.

Article continues below Upon making an inquiry, HMRC will let you know through a letter where your provider is, typically within a three-week span. Should a six-week period pass with no

response, you must contact HMRC directly quoting your unique reference number.

Anyone wanting to check their entitlement should simply click here and carry out the straightforward instructions laid out. Parents and guardians aren’t left out either; they can utilise

this tool to seek out trust funds on behalf of those aged under 18.

The funds won't impact benefits or tax credits, and up to £9,000 a year can still be added to the accounts if desired. For those who qualify, this could be the simplest windfall they'll ever

receive. So, if your birth date falls between September 2002 and January 2011, it might be time to check - you could be £2,200 wealthier than you think.