Do you have a child that was born between 2002 and 2010? If so, they could have thousands of pounds sitting forgotten somewhere.
All parents of young children during this period received £250 to open a child trust fund account from the then Labour government.
On top of that initial amount, each child would receive another £250 when it turned seven years old. Children who were born in low-income families received double this amount which equalled £1,000 in savings.
Here’s the best part though… if you did have a child was born between 2002 and 2010 and you didn’t know about the saving accounts or didn’t open one in time, then the government would do it for you, putting the money into an approved account on your child’s behalf.
Research from ISA providers Scottish friendly have said that up to one in four child trust fund accounts lie forgotten by parents sitting there waiting to be claimed.
That’s an estimated 1.5 million accounts that may have slipped families minds…
So how do you find a lost Child Trust Fund?
Firstly, you should have received a child trust fund voucher if you were eligible for Child Benefit and your child was born between 1 September 2002 and 2 January 2011.
Secondly, you can search for a Child Trust Fund here. You can only search if you have parental responsibility for the child – usually their parent, step-parent or legal guardian.
You’ll need to include your contact details and your child’s details when claiming. HM Revenue and Customs will then write to you within 15 days (plus time for postage).