![\"HMRC](\"\/_next\/image?url=https%3A%2F%2Fcms.joe.co.uk%2Fuploads%2F2025%2F10%2FAdobeStock_78463326.jpeg%3Fheight%3D1024%26width%3D1024&w=360&q=75)
<\/p>\nNearly a million accounts remain untouched<\/h2>\n<\/p>\n
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HM Revenue & Customs is encouraging hundreds of thousands of young Britons to search for a forgotten savings fund worth over \u00a32,200.<\/p>\n<\/div>\n
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According to HMRC, 758,000 Child Trust Fund accounts remain untouched, each containing an average of \u00a32,242.<\/p>\n<\/div>\n
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This means that approximately \u00a31.7billion are lying dormant.<\/p>\n<\/div>\n
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In an attempt to reconnect young adults with the funds, officials are now cautioning that many may be oblivious to the money’s existence.<\/p>\n<\/div>\n
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\u201cIf you’re between 18 and 23, you could be sat on a savings payout and not even realise it\u201d, HMRC’s Second Permanent Secretary, Angela MacDonald said.<\/p>\n<\/div>\n
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If you are born between September 1, 2002 and January 2, 2011, you are likely to have a Child Trust Fund if Child Benefit was claimed on your behalf.<\/p>\n<\/div>\n
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Parents received a voucher to establish the account in numerous instances.<\/p>\n<\/div>\n
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However, if they didn’t act, HMRC opened one automatically, meaning thousands are unaware where their savings are held.<\/p>\n<\/div>\n
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These accounts were created to provide every child with a financial head start in adulthood.<\/p>\n<\/div>\n
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And at least \u00a3250 were deposited at birth by the government.<\/p>\n<\/div>\n
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The money only becomes available at 18, when the fund matures, even if young Britons can assume control of their account at 16.<\/p>\n<\/div>\n
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Many, however, haven\u2019t done that.<\/p>\n<\/div>\n
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Often this happened because they weren\u2019t aware that the account exists in the first place, or because they don’t know who their provider is.<\/p>\n<\/div>\n
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HM Revenue & Customs has published a checklist to help young people track down their money and understand their options:<\/p>\n<\/div>\n
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\u2022 If you were born between 2002 and 2011, you probably have an account
\u2022 Parents may have opened it \u2013 or HMRC may have done so for you
\u2022 You can take control at 16
\u2022 You can access the money at 18
\u2022 You can move the funds into an ISA or savings account
\u2022 Your provider can explain your options
\u2022 Ask your parents first for account details, if they don\u2019t know, use the free GOV.UK locator tool here.
\u2022 You\u2019ll need your National Insurance number
\u2022 Your money remains safe until you claim it<\/p>\n<\/div>\n
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According to the government, it takes just five minutes to submit a request using the official online tool here with most people hearing back in under three weeks.<\/p>\n<\/div>\n
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In the past year alone, more than 563,000 searches were made, showing growing awareness.<\/p>\n<\/div>\n
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However, this has also highlighted how many accounts are still unclaimed.<\/p>\n<\/div>\n
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According to experts, the cash could be a crucial financial boost at a key moment in life.<\/p>\n<\/div>\n
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It could provide a great help with rent, university costs or savings.<\/p>\n<\/div>\n
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\u201cWith an estimated average of \u00a32,242 waiting in unclaimed accounts, this is real money at a crucial time\u201d, Shelley Doorey-Williams, chief executive of the London Foundation for Banking & Finance, said.<\/p>\n<\/div>\n
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#HMRC #million #Brits #claim #forgotten #fund #born #dates<\/p>\n","protected":false},"excerpt":{"rendered":"
Nearly a million accounts remain untouched HM Revenue & Customs is encouraging hundreds of thousands of young Britons to search for a forgotten savings fund worth over \u00a32,200. According to HMRC, 758,000 Child Trust Fund accounts remain untouched, each containing an average of \u00a32,242. This means that approximately \u00a31.7billion are lying dormant. In an attempt […]<\/p>\n","protected":false},"author":1,"featured_media":4303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3340,1431,976,1395,4375,862,2522,442,1500],"class_list":{"0":"post-4302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured","8":"tag-born","9":"tag-brits","10":"tag-claim","11":"tag-dates","12":"tag-forgotten","13":"tag-fund","14":"tag-hm-revenue-and-customs","15":"tag-hmrc","16":"tag-million"},"_links":{"self":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4302"}],"version-history":[{"count":0,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/posts\/4302\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=\/wp\/v2\/media\/4303"}],"wp:attachment":[{"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.worldpumpnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}