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Thousands Could Be Sitting on £2,310 without Even Realising It, Says HMRC
HMRC says about 827,000 accounts remain unclaimed, with an average £2,310 waiting for young adults to trace through its free locator tool.
- HM Revenue & Customs urged people aged 18 to 24 to check for unclaimed Child Trust Funds, revealing that almost 827,000 individuals could have an average £2,310 sitting in forgotten savings accounts.
- The Government established these tax-free savings accounts for children born between September 1, 2002 and January 2, 2011, providing an initial deposit of at least £250 to help build financial security.
- Nearly 500,000 young people used the GOV locator tool in the nine months to August to track forgotten savings, while 3 million matured accounts have been claimed or transferred into Individual Savings Accounts since 2020.
- Anna, 18, from London claimed her Child Trust Fund and said, "Nationwide kept me updated the whole way through and explained how to access the money," illustrating support now available through the Taskforce.
- Economic Secretary to the Treasury Lucy Rigby noted the oldest matured accounts are now more than six years old, urging those unsure of their status to use the free GOV locator tool.
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23 Articles
23 Articles
Evening Standard+2 Reposted by 2 other sources
Young adults sitting on forgotten windfalls worth £2,310 on average
Young people may not realise they have savings waiting for them, the Government said.
·London, United Kingdom
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Wilts & Gloucestershire Standard+14 Reposted by 14 other sources
Thousands could be sitting on £2,310 without even realising it, says HMRC
HMRC says 827,000 matured Child Trust Funds remain unclaimed, with young adults urged to check if they have an average £2,310 waiting.
·Stroud, United Kingdom
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Total News Sources23
Leaning Left2Leaning Right0Center20Last UpdatedBias Distribution91% Center
Bias Distribution
- 91% of the sources are Center
91% Center
C 91%
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