Many people may have around £2,000 sitting in a bank account they have forgotten about.
This week, HM Revenue and Customs issued an alert to explain how this could have come about. The government body said that anyone who was born between September 1, 2002, and January 2, 2011, could be in this situation as they were beneficiaries of the Child Trust Fund.
The scheme was promised in the Labour Party's 2001 general election manifesto, and launched in January 2005. The long-term and tax-free savings account were each given an initial £250 deposit from Tony Blair's Government, and parents could then add up to an extra £9,000.
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While many people have now retrieved the money, in many cases the HMRC believes that it has been forgotten about. The cash could be vital for university or other life expenses.
The Child Trust Fund scheme closed in 2011. People who are not sure where the account is held can actually use the HMRC to find it as they can explain where the account was originally opened.
Money in the account belongs to the child but they can only take it out when they reach 18, although they can take control of the account at age 16. Once they turn 18 no more money can be added to the account, but it can be withdrawn or transferred into an adult ISA and the Child Trust Fund will then close.
Until your child withdraws or transfers the money, it will remain in an account that no one else has access to, Wales Online reports.
HMRC says that almost 430,000 people aged between 18 and 21 still have money sitting in an unclaimed Child Trust Fund without realising and the account could be worth around £2,000.
Anyone wanting to find their Child Trust Fund can use an online tool by clicking here. You can use it if you’re a parent or guardian of a child under 18 or 16 or over and looking for your own trust fund.
Anyone using the above finder will need their National Insurance number. They’ll also need your adoption details if they apply. Parent or guardians looking for a child’s trust fund, will need the child’s full name, address and date of birth and any previous names you or the child have used.
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