HMRC urges Brits to act now to avoid missing out on average of £2,240

Over 750,000 Brits have been told that they could be owed as much as £2,240 by HMRC and not realise it. There are 758,000 matured Child Trust Fund accounts that remain unclaimed, according to the Government department.

The Trust Funds are long-term, tax-free savings accounts that were set up by the Government for children born between September 1, 2002 and January 2, 2011, with an initial deposit of at least £250. Now, the average Child Trust Fund is worth more than £2,240 - and the Government is urging 16 to 18-year-olds to check if they could be owed thousands from the scheme. Angela MacDonald, HMRC's second permanent secretary and deputy chief executive, said: "If you're between 18 and 23, you could be sat on a savings payout and not even realise it. Just search 'find my Child Trust Fund' on GOV.UK to find your savings account today." Young people can take control of their account at 16, but once the account holder turns 18, it matures, and they can decide whether they want to withdraw the money or re-invest it.

More than 563,000 young people went online to find their Child Trust Fund in the 12 months to the end of August 2025. September 2024 was the busiest month, when over 71,000 searches were submitted.

It takes about five minutes to submit a request to find a Child Trust Fund using the online tool and, for most, less than 3 weeks to hear back. You just need the young person's National Insurance number and date of birth.

Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, said: "As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking & Finance welcomes HMRC's call for young people to claim their Child Trust Fund savings.

"It's encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs. With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives."

For those who don't have their National Insurance number to hand, they can download it from the HMRC app and keep it in their digital wallet for whenever it's needed.

Anyone who wants to find their account can use the GOV.UK locator tool online.