Over 670,000 young people urged to claim UK Government cash worth around £2,212
dailyrecord.co.ukMore than 670,000 18 to 22-year-olds across Great Britain yet to claim their Child Trust Fund are being urged to ‘cash in their stash’ as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212.
Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between September 1, 2002 and January 2, 2011.
Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures. The savings are not held by the UK Government, but are held in banks, building societies or other saving providers - the money stays in the account until it’s withdrawn or re-invested.
If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly.
Read more on dailyrecord.co.uk