Discover free tools to locate forgotten Child Trust Funds and save on hefty search fees | Manchester Evening News
The government is urging young people across the UK to utilise a free service to check for forgotten sums in Child Trust Funds (CTFs).
These savings accounts were set up for most individuals born between 1st September 2002 and 2nd January 2011, who can access them when they turn 18. The warning comes amid concerns of companies charging high fees to find these funds.
The Low Incomes Tax Reform Group (LITRG) raised concerns over firms targeting young adults through social media, promising to locate and access their CTFs for a hefty fee, potentially costing them hundreds, Wales Online reports.
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Nonetheless, expensive services are unnecessary as the government offers a free online tool to help owners of CTFs, or their parents or guardians if under age, to find their fund. Also, several organisations assist in locating CTFs without charging.
Technical Officer for LITRG, Joanne Walker, spotlighted the problem, noting: “There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government’s offer when they were born, but HMRC would have opened an account on their behalf.”
She went on to advise: “If they want to find out if they have a Child Trust Fund and withdraw the money, they do not need to pay someone else to do this for them. HMRC offers a free service for people who know the name of the savings provider that holds their account.”
“Even if they do not have this information, HMRC can help them find it if they provide their date of birth and National Insurance number. For those who want help doing this, there are organisations available who can help locate the fund and who do not charge for the service.”
“There is nothing wrong in using a company that will charge for their services as long as people make an informed choice to do so. However, these simple steps can ensure young people are able to find and access their fund, without the need for an expensive fee.”
You can trace your Child Trust Fund at Gov.uk here. You’ll be asked for your National Insurance number, as well as adoption details if they apply.
If you’re a parent or guardian looking for a child’s trust fund, you’ll need the child’s full name, address and date of birth, and any previous names you or the child have used. You can include the child’s National Insurance number if you have it.
