Martin Lewis has shared important information for parents of children aged between 12 and 20 about a “hidden” UK Government savings account which they may “know nothing about” that could be worth up to £2,000. The consumer champion released a short video on social media, explaining that up to one million people could be sitting on a small fortune and not even know it.
He explained to his 2.1 million Twitter followers how this is about the Child Trust Fund, a tax-free savings account which was set up by the UK Government for every child born between September 1, 2002 and January 2, 2011. The UK Government provided an initial deposit of at least £250 to start every account and its aim was to encourage a future generation of savers.
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, according to the latest figures from HM Revenue and Customs (HMRC).
