Teenagers could be missing out on unclaimed amounts in their Child Trust Fund account says HMRC
HMRC recently issued a press release stating that thousands of teenagers could be missing out on unclaimed amounts in their Child Trust Fund (CTF) account.
As a reminder, a CTF is a long-term savings account which was set up for every child born between 1 September 2002 and 2 January 2011. To encourage saving, the Government provided an initial deposit of at least £250.
The CTF account matures when the child turns 18 years old with the first accounts maturing in September 2020. The last CTF accounts will mature in September 2029. On maturity the account can either be cashed in or transferred into an adult ISA.
Those who are aged 18 or over and have yet to access their CTF account, could have savings waiting for them worth an average of £2,100.
If the child or their parent/guardian know who the provider is they can contact them directly, alternatively they can use HMRC’s online form to locate their CFT account.