HMRC has issued a warning for people with accounts at 11 major UK banks, as more than 750,000 young people have unclaimed Child Trust Fund accounts worth £2,200 on average. The tax authority has met with Nationwide, HSBC UK, Sheffield Mutual, and Yorkshire Building Society as part of a new taskforce aimed at reuniting young people with their unclaimed funds.
Taskforce Meeting and Members
Economic Secretary to the Treasury, Rachel Blake MP, convened the new Child Trust Fund Taskforce, bringing together CTF providers and the government to drive a coordinated effort to increase reunification of accounts. The first meeting took place today, with members including 11 banks: One Family, Coutts, Nationwide, HSBC UK, Pilling, The Coventry (Co-operative), Sheffield Mutual, Unity Mutual, Forester, Healthy Investments, and Yorkshire Building Society.
Background on Child Trust Funds
Around 6.3 million Child Trust Fund accounts were opened for children born between 1 September 2002 and 2 January 2011, predominantly by parents and guardians, with the remainder established by HMRC. Many of these accounts remain unclaimed, with an average balance of £2,200.
Official Statements
Rachel Blake said: "Too many young people are missing out simply because they are not aware of where their Child Trust Fund is or how to access it. We are acting to fix that by bringing government and industry together - improving coordination and making it easier for people to find and claim what’s rightfully theirs."
JP Marks, HMRC’s Chief Executive and First Permanent Secretary, added: "Many young people have Child Trust Fund accounts with an average £2,200 waiting to be claimed. This is their money, and we want to do all we can to help them find and access it. If you think you have one, you can use the ‘Find my Child Trust Fund’ tool on GOV.UK to find out where your account is held."
How to Claim
The taskforce will bring providers together to improve tracing approaches, test more effective engagement with young people, and drive practical actions leading to more accounts being claimed. Today’s move builds on existing action to tackle unclaimed matured accounts, including ongoing HMRC communications campaigns and direct letters to eligible 21-year-olds. Anyone born between 1 September 2002 and 2 January 2011 can search for their account on GOV.UK. The search is free, requires only a National Insurance number, and takes minutes. Those aged 18 or over can access funds immediately.
