Around 760,000 Child Trust Fund accounts that have matured remain unclaimed. The average account is about £2,000 and HMRC offers a free tracing service — avoid firms charging hundreds to find the money.
Anyone born between 1 September 2002 and 2 January 2011 may have a Child Trust Fund and should check.
Some commercial tracers have charged fees of around £400, which could consume about 20% of the average account.
# What this is about Millions of Child Trust Funds were opened for children born between 1 September 2002 and 2 January 2011. Around 760,000 of those accounts have matured and remain unclaimed. The average account value is about £2,000, so unclaimed pots could add up to roughly £1.52 billion.
# Why people are missing these pots
Over nearly two decades, families moved house, changed contact details, or simply forgot an account existed. When an account holder turned 18, the provider might have been unable to reach them, leaving the account unclaimed.
# The financial pitfall: paid tracing services Funds for a fee. Reported charges include one-off fees around £400. For an average £2,000 account, a £400 fee would cut about 20% of the money.
You do not need to pay for tracing. HMRC provides an official online tracing service that is free to use.
# Who should check If you were born between 1 September 2002 and 2 January 2011, check for a Child Trust Fund. Those who are already 18 can take control and withdraw the money. Younger account holders can locate their fund before it matures.
Even if a parent or guardian does not remember opening an account, a fund may have been created automatically by the government, so it's worth checking.
# How to find your Child Trust Fund If you already know the provider for your Child Trust Fund, contact them directly. If you don't know the provider, use HMRC's free online tracing tool to locate any Child Trust Fund in your name.
Do not hand over money or personal details to companies that demand upfront fees or subscriptions to trace the fund. Read any fee terms carefully if you consider a paid service, and prefer HMRC's free route.
# Practical next steps
# What to expect after you find a fund Providers will require proof of identity and any account details they need to release funds. Once you reach 18, you can take control. If you're under 18, you can trace the account ahead of maturity.
Finding an unclaimed Child Trust Fund can be a straightforward process if you stick to free official channels and avoid firms charging large tracing fees.
The Financial Conduct Authority (FCA) is urging parents and young adults to check for forgotten funds — and warn against paying third-party firms to trace them
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