HMRC issue letters to thousands of savers who might be owed over £2,000

Joe Sledge
Fri, 24 Apr 2026 15:43:03 +0000

Thousands of young people across the UK could be sitting on forgotten savings worth more than £2,000 without knowing it.

HM Revenue and Customs (HMRC) has launched a fresh awareness drive to reconnect 21-year-olds with unclaimed Child Trust Funds.

There is roughly £1.5billion held in around 750,000 accounts that have not been accessed.

The tax authority will now write directly to every 21-year-old with an unclaimed account in an effort to return the money.

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Two-thirds of the six million people who received these tax-free savings accounts are now over 18 and able to withdraw their funds, yet hundreds of thousands remain unaware they hold one.

Child Trust Funds are long-term, tax-free savings accounts introduced by the Government in 2005 for children born between September 2002 and January 2011.

Each eligible child received at least £250 when the account was opened, with those from low-income families or in local authority care receiving an additional £250.

The accounts are managed by banks, building societies and savings providers rather than the Government.

On average, these unclaimed funds are worth around £2,200.

Once an individual turns 18, the account matures and they can either withdraw the money or reinvest it.

Economic Secretary to the Treasury Lucy Rigby said many young people remain unaware of their savings.

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"Hundreds of thousands of young people in this country don't know they have a CTF, let alone how to access it," Ms Rigby said.

"Some will have a couple of thousand pounds sat there that would really help them as they begin adult life," she added.

Ms Rigby said the Government is determined to ensure those with accounts are informed.

She said: "I'm determined that those who have CTFs are made aware they have this money. Together, we will ensure funds from these child trust funds can be accessed by young people to help give them the best start to adult life.".

Earlier this week, Ms Rigby convened Child Trust Fund providers at a roundtable to explore how the sector can improve efforts to reconnect savers with their accounts.

People can locate their account for free by searching on gov.uk using their National Insurance number and date of birth.

Those who already know their provider can contact them directly.

Consumers are being warned to avoid third-party agents that charge fees for tracing funds, as the process can be completed at no cost.

The Share Foundation also provides a free tool to help individuals locate their accounts.

The charity has welcomed the Government’s campaign but is calling for further action.

It is urging that funds be automatically released to account holders when they turn 21, noting Child Trust Funds have now been replaced by Junior ISAs.