Tens of thousands of teenagers have forgotten savings accounts worth an average of £2,100 - and the government is urging people to check if they're due a windfall.
The savings accounts are called Child Trust Funds (CTFs), and were set up for all children born between 1 September 2002 and 2 January 2011 with a live Child Benefit claim.
Parents or guardians set up these accounts with Child Trust Fund Providers – usually banks , building societies or investment managers – using vouchers provided by the government.
Vouchers were worth between £50 and £1,000 depending on when children were born, as well as whether parents were on a low income at the time.
Parents, family and friends could also contribute to the account, up to set limits.
The cash built up year on year even if parents never put any more money into the accounts - but many were forgotten about.
Now HM Revenue & Customs (HMRC) is urging Brits to check if they have a long-lost CTF - with the average deal holding £2,100.
If teenagers or their parents and guardians already know who their CTF provider is, they can contact them directly. This might be a bank, building society or other savings provider.
Around 6.3million CTFs were set up, containing £9billion in total.
The cash can be taken out of the deals as soon as the child turns 18.
Where children under 18 still have a CTF, families can still pay in up to £9,000 a year tax-free.
At the age of 18, the owner of the CTF has to take all the cash out or put it into another investment or savings deal.
HMRC deputy chief executive Angela MacDonald said: "Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it. We want to help you access your savings and the money you’re entitled to."
Have I got a lost account?
Any young people unsure about whether or not they have a CTF should first ask a parent or guardian if they remember setting one up.
Once they know who their provider is, they should contact them directly – and either request to withdraw the money or transfer the funds into an adult ISA or other savings account.
You can use this online tool to check if you have a forgotten account.
The Share Foundation charity also runs a free finding service.
More information on child trust funds is available on through the government-backed Money and Pensions Service.
Interactive Investor senior personal finance analyst Myron Jobson said: “Many teenagers might not be aware that there is a cash pot in their name waiting to be claimed as 1.8million of the around 6.3million Child Trust Fund accounts set up throughout the duration of the scheme were done so by HMRC, where parents or guardians did not open an account.
“The fact that the majority of Child Trust Fund subscriptions were in the £1 to £249 band and around 4.6million received no subscription in the 2020/21 tax year, the latest available figures, fuel concerns that accounts have been forgotten about or lost."
