More than 750,000 people have yet to claim their matured Child Trust Funds, new data from the tax office showed. HM Revenue and Customs (HMRC) has urged eligible individuals to locate their accounts, which are worth an average of £2,242 each.
Child Trust Funds are long-term, tax-free savings accounts set up for children born between September 1, 2002 and January 2, 2011, with an initial Government deposit of at least £250. Young people can take control of their account at 16, but once the account holder turns 18, it matures, and they can decide whether to withdraw the money or reinvest it. Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said: “If you’re between 18 and 23, you could be sitting on a savings payout and not even realise it.”
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With September being the most common birth month, thousands of 18-year-olds have become eligible to claim their Child Trust Fund savings pot.
If young people, or their parents or guardians, already know who their Child Trust Fund provider is, they can contact them directly. For those who don’t know where theirs is, they can use the GOV.UK locator tool to find it quickly and for free.
More than 563,000 young people went online to find their Child Trust Fund in the 12 months to the end of August 2025. September 2024 was the busiest month, when over 71,000 searches were submitted.
It takes about five minutes to submit a request to find a Child Trust Fund using the online tool and, for most, less than three weeks to hear back. You just need the young person’s National Insurance number and date of birth.
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For those who don’t have their National Insurance number to hand, they can quickly and easily download it from the HMRC app and keep it in their digital wallet for whenever it’s needed.
Shelley Doorey-Williams, CEO of the London Foundation for Banking and Finance said: “As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking and Finance welcomes HMRC’s call for young people to claim their Child Trust Fund savings.
“It’s encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs. With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”
The savings accounts are not held by the Government but are held in banks, building societies or other savings providers. Find out more about Child Trust Funds at GOV.UK .