HMRC urges thousands of young people to check for £2,100 in savings account set up when they were born

HM Revenue and Customs (HMRC) is urging tens of thousands of teenagers across the UK who have not yet claimed their matured Child Trust Funds savings to check if they are due payments of more than £2,000.

Child Trust Funds are long-term savings accounts set up for every child born between September 1, 2002 and January 2, 2011. They were designed to encourage future saving and to start the account, the UK Government provided an initial deposit of at least £250.

The savings accounts mature when the child turns 18-years-old. Eligible teenagers, who are aged 18 or over and have yet to access their Child Trust Fund account, could have savings waiting for them worth an average of £2,100.