Young people reminded to reclaim government savings

Over half a million young people are yet to lay claim to Child Trust Funds worth an average of £2,212, HMRC has said. 

Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. 

Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures. 

The savings are not held by the government but are held in banks, building societies or other saving providers. The money stays in the account until it's withdrawn or re-invested. 

If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. If they do not know where their account is, they can use the online tool on GOV.UK to find out their Child Trust Fund provider.