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.
