HMRC urges young people to check for £2k savings account set up when they were born

HM Revenue and Customs (HMRC) are now urging thousand of young people in the UK who have not yet claimed their matured Child Trust Funds savings to check if they are due a payment.

Child Trust Funds are long-term savings accounts set up for every child born between September 1, 2002 and January 2, 2011.

It is estimated that around 6.3 million Child Trust Fund accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian was not able to set up an account for their child, HMRC opened a savings account on the child’s behalf.