MoneySavingExpert founder Martin Lewis said the average amount is £2,000
Martin Lewis is calling on many people with children born during specific years to check whether they could have £2,000 tucked away that they’ve ‘forgotten about’. Making the appeal on a recent instalment of ITV’s The Martin Lewis Money Show, the MoneySavingExpert founder said: “There are some who are missing out on thousands of pounds”.
Sharing a clip about it on X today (May 14), Martin Lewis said: “Age 15 to 23? Check now if you’ve a forgotten £2,000 in a Child Trust Fund, millions have them, many don’t know about them.” In the video, he explained: “HM Revenue and Customs (HMRC) is currently writing to 21-year-olds, only 21-year-olds, about 750,000 of them, about unclaimed Child Trust Funds”.
Martin Lewis explained that Child Trust Funds “were the predecessor to junior ISAs”. The government contributed an opening deposit, and these accounts typically now contain approximately £2,000 or more, reports the Liverpool Echo.
“So everyone who has one has some money in it if they haven’t taken it out,” he said. With HMRC dispatching letters to remind those who haven’t yet claimed, Martin Lewis said: “The letter will tell you where your Child Trust Fund is, so then you can go and contact that provider.”
Nevertheless, Martin Lewis issued a caution before anyone begins searching for their funds. He emphasised: “Just be careful of scams. Go and find the provider’s details yourself and be careful of emails, calls and texts. This is a letter.”
Martin Lewis revealed that the average sum stands at £2,000. “But it varies vastly,” he said. “Depending on whether the money was added by parents and whether you saved or invested, because invested over a long period outperforms savings. It’s the whole point of this show.”
Regarding the relevant birth years and the action required, Martin Lewis said: “But if you were born between September 1, 2002, so you’re 15, to January 2, 2011, and you haven’t accessed your child trust fund, you do not need to wait. You can find yours now.”
He further stated: “Go on to gov.uk for its Find a Child Trust Fund tool. If you’re under 16, your parent has to do it. If you’re over 18 or older, you have to do it. If you’re 16 to 18, either your parent or you can go and use the tool and find it. Well worth so.”
Where can I find my Child Trust Fund?
The fastest method to track down a missing Child Trust Fund is to use the free Find a Child Trust Fund tool on gov.uk. You will need either your own National Insurance number or your child’s, together with their date of birth and a Government Gateway ID to identify the provider. Any adoption details will also be required where applicable.
Get in touch with your Child Trust Fund provider directly if you’re aware of who holds the account. If you’re unsure of the provider, you can enquire with your parent or guardian. Alternatively, you can request HMRC to locate a Child Trust Fund provider. They can inform you where the account was initially set up. If you’re a parent or guardian searching for a child’s trust fund, you’ll require:
- The child’s full name, address and date of birth.
- Any previous names you or the child have used.
Gov.uk states: “You can include the child’s National Insurance number if you have it. You’ll need to complete the form in one go – you cannot save and return to it.
“You can ask HMRC to find a Child Trust Fund provider. It will not tell you how much money is in a Child Trust Fund. You can ask HMRC if you’re 16 or over and looking for your own trust fund, or if you’re a parent or guardian of a child under 18. You cannot use the tool to find a Junior ISA.”
