Child Trust Fund UK: how to find my government CTF with GOV.UK - and how to access and claim it at 18

• Around 758,000 young adults aged 18–23 have unclaimed child trust funds
• The average payout for these accounts is £2,242 each
• Child trust funds are tax-free savings accounts set up for children born 2002–2011
• HMRC offers a free online tool to locate your account if you don’t know your provider
• Once found, funds can be withdrawn or transferred to an adult ISA without affecting your allowance

If you’re aged 18 to 23, you could have a tidy sum of cash sitting in a savings account you didn’t even realise existed.

HM Revenue and Customs (HMRC) figures show that around 758,000 young adults have yet to claim their matured child trust fund, worth an average of £2,242 each.

Child trust funds (CTFs) are long-term, tax-free savings accounts set up by the Government for children born between September 2002 and January 2011.

Each account started with an initial government contribution of at least £250, with the option for parents, relatives, or guardians to add more over the years.

At 16, account holders can take control of their CTF, but it only truly matures when they turn 18. At that point, the money is theirs to either withdraw, reinvest, or transfer into another savings vehicle like an adult ISA.

Yet, according to HMRC, hundreds of thousands of young people are yet to claim their funds.

How to find your Child Trust Fund

Angela MacDonald, HMRC’s deputy chief executive, says: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my child trust fund’ on gov.uk to find your savings account today.”

The accounts themselves aren’t held by the Government, but with banks, building societies, and other providers.

If you already know your account provider, you can contact them directly. If not, HMRC offers a free online tool to locate your account quickly.

Over the past year alone, more than 563,000 young adults used the tool to track down their savings.

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Why you should claim it

Experts say claiming your CTF can make a real difference. Shelley Doorey-Williams, chief executive of the London Foundation for Banking and Finance, says: “With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”

Once you’ve located your CTF, you have options. Charlene Young, senior pensions and savings expert at AJ Bell, explains: “It’s up to you what you do with it. You can withdraw the money or transfer it to an adult ISA in your own name. Until then, it just sits in an account that no one else can access.”

Importantly, transferring the funds to an adult ISA does not count towards your annual £20,000 ISA allowance, meaning you can continue saving tax-free.

Don’t let your money sit unclaimed

Sarah Coles, head of personal finance at Hargreaves Lansdown, points out that while these accounts were designed to sow the seeds for a lifetime of saving, many young adults have yet to reap the rewards.

“Over the years, people have lost track of their accounts, and some parents never knew where the money went,” she says. “Meanwhile, investments have grown impressively – money that could be boosting your financial start in life is just sitting there.”

If you haven’t checked whether you have a matured child trust fund, now is the time. A few minutes online could unlock over £2,000, giving you a valuable boost, whether it’s helping with rent, bills, studies, or simply kickstarting your savings journey. Don’t leave free money on the table.

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