HM Revenue and Customs (HMRC) is urging parents and young people to check if they have a hidden pot of cash waiting to be collected from a Child Trust Fund (CTF).
It is now one year since the first account holders started turning 18 and around 55,000 Child Trust Funds mature every month.
This means their owners can withdraw funds or transfer savings into an adult ISA. HMRC said hundreds of thousands of accounts have been claimed so far, but many have not, meaning youngsters are missing out on essential funds that are sitting unclaimed in these ‘hidden savings’ accounts.
It could also indicate that some children do not know there are accounts in their name and are unaware their money is waiting for them.
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