Martin Lewis has warned parents that children born on or after September 1, 2022 could have a stash of cash waiting in a dormant account. The Child Trust Fund (CTF) is eligible to thousands of children aged 18 or over and could be worth an average of £2,100.
CTF's are tax-free savings accounts that were available to children born between September 2022 and January 2, 2011. The children initially got £250, or £500 if their parents were on a low income, added to the account by the Government.
After a CTF was opened, additional savings could be deposited into it but could not be accessed until the child's 18th birthday. Once they hit 18, the money becomes available for them.
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On tonight's episode (January 31) of The Martin Lewis Money Show: Live, Martin said: "There are 6.3m CFTs but 100,000s have lost track or aren't aware of them. On average, CTFs are worth £2,100, but I'm saying it's probably around £1,000."
"If yours is lost, all you need to do is go on Gov.UK and search CTF. There is a tool there to find your trust fund."
Those 16 or older are able to access this information themselves, despite not being able to get hold of the cash until they hit 18. Parents with children younger than 16 can find out where the CTF is held on their behalf by following the process above.
Martin finished by saying that CTF's are a 'dead product'. This means that they don't have any interest or additional rates.
