TENS of thousands of pounds could be waiting for teenagers who have not yet claimed their 'Matured Child Trust Fund' according to HMRC.
These Child Trust Funds are long-term savings accounts set up for every child born between September 1, 2002 and January 2, 2011.
These were made to help and encourage young people to save money, with the Government providing an initial deposit of at least £250.
HM Revenue and Customs say that these accounts "mature" when the recipient turns 18, giving them access to the savings.
On average, these accounts are worth around £2100 and may be a great help to young people entering the workforce or continuing their education.
Many teenagers are yet to claim their savings
The Matured Child Trust Fund, which was replaced by the Junior Individual Savings Accounts (ISA) in 2011, is yet to be claimed by many teenagers across the country.
HMRC's Second Permanent Secretary and Deputy Chief Executive, Angela MacDonald urged teenagers to claim their money, saying: "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."
How many Child Trust Funds were set up?
HMRC estimates that around 6.3 million Child Trust Fund accounts were set up over the near decade the scheme was in operation.
Collectively, these accounts could be worth around £9 billion.
How do I access my Child Trust Fund?
Those that turn 16 can request that the account is turned over to them but can only withdraw money once 18 or older.
If a parent or guardian already knows who their Child Trust Fund is with, they can contact the bank or building society.
Alternatively, people can find out more information on GOV.UK.
Can I still pay into my Child's Trust Fund
Families can still pay in up to £9000 a year untaxed. However, when the account matures, no more money can be deposited.
The money then must be transferred or removed from the account.
