Thousands of teenagers missing out on Child Trust Fund cash

HMRC is urging young people to check if they have a surprise savings pot in the shape of a Child Trust Fund (CTF), the government savings scheme for children

The average value of a CTF account was £1,500 in 2020 and although this is not the minimum or maximum amount in each account, this is a sizeable contribution to any teenager’s savings.

It is now one year since the first account holders started turning 18 and around 55,000 CTFs mature every month. This means their owners can withdraw funds or transfer savings into an adult ISA. Hundreds of thousands of accounts have been claimed so far, but many have not.

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