Millions of people may be totally unaware the money is waiting for them
Parents and young people are being urged to check if they have a “hidden pot of gold” in the form of a child trust fund. Around 55,000 accounts mature every month, HM Revenue and Customs said.
Parents or guardians set up accounts using vouchers provided by the Government. If an account was not opened by the child’s parent, HMRC set one up on the child’s behalf. Between 2002 and early 2011, about six million of the funds were opened by parents or guardians, with a further million set up by HMRC.
At 16 years old, a child can choose to operate the account themselves, but they cannot withdraw the funds. At 18 years of age, the account matures and the child can withdraw money or move it to a different savings account.
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