The consumer champion appeared on This Morning with an urgent message that could save people over £300.
Martin Lewis is urging young people and their parents not to be duped by online companies advertising ‘no win no fees’ on social media to help them track down lost Child Trust Funds, worth on average £2,212. During an appearance on This Morning on Tuesday, the consumer champion warned anyone aged between 18 and 22 not to pay these firms money, or a percentage of the savings amount, as they can do it themselves for free online.
The founder of MoneySavingExpert continued: “Some of them charge you £350, some of them are taking 25 per cent. Do not touch them. Do not sniff them. Do not smell them. You do not need to use those firms.Martin added: “I want to get the message out there - do not pay anyone to get your money out.” Latest Martin Lewis News How to find your Child Trust Fund 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, alternatively, they can visit GOV.UK here and complete an online form to find out where their Child Trust Fund is held.
They can either withdraw the funds from the matured Child Trust Fund account or reinvest it into another savings account. Until the child withdraws or transfers the money, it stays in an account that no-one else has access to.
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