On 24 September, HM Revenue and Customs reminded 18 to 22-year-olds to claim their Child Trust Fund.
These are tax-free savings accounts set up for children born between 1 September 2002 and 2 January 2011, with the government initially depositing £250. Young people can manage their accounts at 16 and withdraw funds at 18. The average savings amount is around £2,212.
The funds are held by banks or building societies, not the government, and remain until withdrawn or re-invested. If teens or their guardians know their Child Trust Fund provider, they can contact them directly. If not, they can use the online tool on GOV.UK to find their provider.
For more information, visit webpage here.
