Why your child may have £1,000 in a bank account that you don't even know about

Calling all parents! Do you have a child aged between seven and 15? If so, then they be a lot wealthier than you think.
Young happy family of three having fun together outdoor. Pretty little daughter on her father back. Parents and girl look happy and smile. Happiness and harmony in family life. Family fun outside. PNL-151022-124456001Young happy family of three having fun together outdoor. Pretty little daughter on her father back. Parents and girl look happy and smile. Happiness and harmony in family life. Family fun outside. PNL-151022-124456001
Young happy family of three having fun together outdoor. Pretty little daughter on her father back. Parents and girl look happy and smile. Happiness and harmony in family life. Family fun outside. PNL-151022-124456001

Those born between September 1, 2002 and January 2, 2011 could have up to £1,000 in a Child Trust Fund from the Government.

Labour introduced the fund when it was last in power to give children £250 when they were born and a further £250 when they turned seven.

Hide Ad
Hide Ad

Low income families also received double payments from the Government, which means they could have £1,000 stashed away in their child’s name.

Even if parents have never opened a Child Trust Fund account, the Government would have done it on the child’s behalf and placed the money in.

You will need your Government Gateway credentials to sign in but there are options available for those who have forgotten or do not have user ID or passwords.

Hide Ad
Hide Ad

Revenue and Customs will respond to claims within 15 days, plus time for postage.

Once parents have access to their money, they can transfer it across to a junior ISA. The money must be transferred across from the trust fund to the junior ISA account. The £1,000 your kid may have in a bank account that you don’t even know about