UK Gov Child Trust Fund: Martin Lewis says households could get £1,000 paid into bank accounts

Martin Lewis says UK households could receive a staggering £1,000 in their bank accounts after a discovery. He made the claim during Tuesday’s episode of the Martin Lewis Money Show, reports BirminghamLive.

The financial journalist has urged parents of kids aged 12-21 to do a simple check to get £1,000 though a Child Trust Fund. These are long-term, tax-free savings accounts that the government set up for every child born between September 1, 2002 and January 2, 2011.

He said: “Any child between the 1st of September 2002, which is basically a 21-year-old, and the 2nd Jan 2011 – so a 12-year-old – will have had a Child Trust Fund and the State will have added money even if you didn’t. Up to a million children have these accounts unknowingly.

Read more: Martin Lewis predicts when to expect £300 cost of living payment

Read more: Martin Lewis urges people over 45 to check if they can boost their state pension

“They are worth on average around £1000-ish. So if you don’t know about it and you have a kid that age, go to gov.uk – Child Trust Funds – and you can locate and trace where the money is.”

He urged parents to children who are under 18 to check online while those 16 can also check for themselves, adding: “If you don’t know if you have one of those, it really is worth checking if you’re in that age bracket.”

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Many 18-21 year olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on.

“I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their Child Trust Fund. It could make a real difference to their future plans.”