Young people in Bedford Borough are being urged to check whether they have unclaimed savings in a Child Trust Fund (CTF), with thousands potentially unaware of rightfully their money.
Child Trust Funds were set up for every child born between 1 September 2002 and 2 January 2011, with the government depositing at least £250 into each account. Now that these funds have matured, anyone turning 18 or older can withdraw their savings.
On average, accounts hold around £2,212.
Unlike other government schemes, the money is not held by HMRC but is managed by banks, building societies, or investment providers. The funds remain in place until the account holder chooses to withdraw or reinvest them.
Cllr Marc Frost, (Conservative/Wixams and Wilstead) portfolio holder for corporate services at Bedford Borough Council, is encouraging young people to check if they have money waiting.
“Many young people may not realise they have money waiting for them. Checking and claiming your Child Trust Fund is quick and easy, and it could provide valuable support at a time when finances are stretched,” he said.
“Whether you need help with education, housing, or savings for the future, I urge all eligible young people to check their accounts and claim what is rightfully theirs.”
How to check if you have a Child Trust Fund
If you already know your Child Trust Fund provider, you can contact them directly to access your savings.
If you’re unsure where your account is held, you can use the online tool on GOV.UK to track it down head to Find a Child Trust Fund.
