THOUSANDS of young people are thought to be missing out on an average of £2,200 which is being held in forgotten bank accounts.
are long-term, savings accounts which were set up for every child born between September 2002 and January 2 2011.
It is thought that belonging to 728,000 young people is sitting in just waiting to be claimed.
Butmany don't know their accounts exist, or that they are can withdraw cash from them.
urged parents to check if their were eligible in a post on X.
HMRC wrote: “If your is between the ages of 18 and 22, they can cash in their #ChildTrustFund.
“The average amount claimed is £2,200.
“Find out more below.”
If you're not sure if you have a Child Trust Fund you can check on HMRC's website – all you need is your full name, address, date of birth and National Insurance number.
And if you're a parent looking for your child's account all you need is their full name, address and date of birth.
Once you fill in your details HMRC should send you a letter with information about your account within three weeks.
What is a Child Trust Fund?
Child Trust Fundsare long-term, savings accounts which were set up for every child born between September 2002 and January 2 2011.
The Government deposited £250 for every child during that time period, or £500 if they came from a family earning around £16,000 a year or below.
An extra £250 or £500, depending on their families' , was deposited when the child turned seven.
In 2010, this was reduced to £50 for better off households and £100 for those on a lower income.
The scheme was eventually scrapped in 2011 as part of cost-cutting measures following theand was later replaced with
Currently, parents or friends can deposit up to £9,000 into the child's accounttax-free, with the money usually invested into shares.
However, many parents did not continue to add money to the accounts after the scheme was scrapped and that led to accounts being lost or forgotten.
It is important to note that savings in these accounts are not held by the Government but are held in banks, building societies or other saving providers.
Thestays in the account until it’s withdrawn or re-invested.
Young peoplecan take control of their Child Trust Fund at 16, but can only withdraw funds when they turn 18 and the account matures.
What to do once you have claimed the money
Usually, people put the cash straight into a bank account, invest it, or transfer it into an ISA.
You can also ask your Child Trust Fund Provider to give you the money and get it cashed into your bank account.
This way you'll need to share the bank account details you wish to transfer the cash into with HMRC.
But if you'd rather invest it, you can transfer it into an ISA.
