£1.4bn In Forgotten Child Trust Fund Money
CTFs were made available to all children in Britain born between 1 September 2002 and 2 January 2011. Parents were issued a voucher for £250 or £500 to be paid into the CTF at outset, but if it hadn’t been used after 12 months the government simply opened up an account on the child’s behalf.
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They can be accessed when the child turns 18. The money can then be withdrawn or transferred to an adult ISA. They can also be transferred before maturity into a Junior ISA.
More than 25% were opened by the government rather than parents which goes some way to explain the high level of unclaimed CTFs.
Anyone searching for an unclaimed CTF can use this online government tool to help find it.
https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Source: https://www.ajbell.co.uk/articles/investmentarticles/280612/families-urged-track-down-14-billion-forgotten-child-accounts
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