Tens of thousands of teenagers in the UK could have large sums of cash waiting for them, according to HM Revenue and Customs (HMRC).
The government department is reminding anyone who has not yet claimed their Child Trust Funds savings that they could be owed an average of £2,100. Child Trust Funds are long-term savings accounts set up for every child born between 1 September 2002 and 2 January 2011. To encourage future saving and start the account, the government provided an initial deposit of at least £250.
The savings accounts mature when the child turns 18 years old.
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If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. This might be a bank, building society or other savings provider.
An estimated 6.3 million Child Trust Fund accounts were set up throughout the duration of the scheme, containing about £9 billion. If a parent or guardian was not able to set up an account for their child, HMRC opened a savings account on the child’s behalf.
Young people aged 16 or over can take control of their own Child Trust Fund if they wish, although the funds can only be withdrawn once they turn 18 years old.
Until the child withdraws or transfers the money, it stays in an account that no-one else has access to. For more information, visit Gov.uk
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