Millions of young adults could have unclaimed savings worth thousands

Joe Sledge
Tue, 21 Apr 2026 09:01:56 +0000

HM Revenue and Customs (HMRC) has issued a fresh warning urging young adults to check whether they have unclaimed savings in forgotten Child Trust Funds.

The tax authority said anyone born between September 1, 2002 and January 2, 2011 could have a savings account waiting to be claimed once they turn 18.

Officials warned that thousands of these accounts remain unclaimed, with many young people unaware the money exists.

HMRC said: "Could you be sitting on unclaimed money? If you were born between September 1, 2002 and January 2, 2011, you may have a Child Trust Fund ready to claim once you're 18."

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Child Trust Funds were introduced by the Government to provide financial support to children as they reached adulthood.

Eligible children were automatically given an account, often with an initial Government contribution, while family and friends were able to add further savings over time.

However, many of these accounts have since been forgotten or lost track of, particularly among those who have recently turned 18.

HMRC said a significant number of young adults do not realise the money belongs to them.

Once an individual turns 18, they can withdraw the full balance from their Child Trust Fund.

No tax is payable on any interest or investment gains accumulated within the account.

The total amount available varies depending on contributions and investment performance over time.

Parents were able to contribute up to £9,000 per year, meaning some accounts may now hold substantial sums.

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Young people are able to take control of managing their account from the age of 16, although withdrawals are not permitted until they reach adulthood.

HMRC offers a free online service to help individuals locate their Child Trust Fund provider.

Applicants will need to provide their National Insurance number and personal details to use the tracking tool.

The department will then confirm the provider’s details, typically within three weeks.

Individuals must contact the provider directly to find out the value of their account.

The Child Trust Fund scheme was closed in 2011 and replaced by Junior ISAs.

Existing accounts remain active, although individuals cannot hold both a Child Trust Fund and a Junior ISA at the same time.

Funds can be transferred between the two products if required.