Martin Lewis said up to a million people could have £2,000 hidden in one of their savings accounts. He told parents of children aged between 12 and 20 about a UK Government savings account which they may “know nothing about”.
The founder of MoneySavingExpert.com posted a video to his 2.1 million Twitter followers about the Child Trust Fund, a tax-free savings account set up by the UK Government for every child born between September 1, 2002, and January 2, 2011. To encourage a future generation of savers, the UK Government provided an initial deposit of at least £250 to start every account.
The savings accounts mature when the child turns 18-years-old. Those eligible, who are aged 18 or over and have yet to access their account, could have savings worth an average of £2,100, according to the latest figures from HM Revenue and Customs (HMRC).
