Child Trust Funds were set up with the government depositing £250 for every child born between 1 September 2002 and 2 January 2011
The account is available to young people aged between 18 and 22, with the average account holding a substantial £2,212. These tax-free savings accounts were established for every child born from 1 September 2002 to 2 January 2011, with an initial £250 government deposit.
For those aware of their provider, direct contact is advised; otherwise, the government's online tool can assist in locating the account using a National Insurance number and date of birth. Account holders still need to provide the same information to the agent as they would if they were searching for the account themselves. According to Gavin Oldham of The Share Foundation, "If you are 18-21 years old, the government would have put money aside for you shortly after birth. This investment would have grown quite a bit and it's in your name. T
Fees costing up to £100s Savings in Child Trust Fund accounts chiefly held by banks, not the government. This means that they are subject to bank charges and fees which can slowly pick away at the savings left in the account, meaning less cash when it's finally withdrawn.
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