A significant number of young people across the UK may be unknowingly sitting on a dormant savings account, now worth thousands of pounds. According to HM Revenue & Customs (HMRC), more than 758,000 individuals aged between 18 and 23 have yet to claim their matured Child Trust Fund.
The accounts, which were created for children born between September 2002 and January 2011, were seeded with government deposits of at least £250 and allowed to grow tax-free over time. As these funds mature when the account holder turns 18, young adults are being encouraged to trace and access what could be a crucial financial boost.
Hundreds of Thousands Yet to Access Matured Accounts
According to HMRC, an estimated 758,000 Child Trust Fund accounts remain unclaimed, each with an average value of £2,242. These savings accounts were launched by the UK government to encourage long-term financial habits in young people, with additional contributions from families also allowed.
Children born during the scheme’s active years received an initial deposit from the government, with some eligible for additional top-ups depending on family income. Account holders gained the legal right to manage the fund at 16, but could only access the money from the age of 18. The vast majority of accounts are now eligible for withdrawal or reinvestment.
Angela MacDonald, HMRC’s Second Permanent Secretary, urged young people to act: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”
According to HMRC, over 563,000 people used the online search tool between September 2024 and August 2025 to locate their account. September was the busiest month, with over 71,000 searches submitted.
Government-Backed Savings, Private Providers
Though backed by public funds at inception, Child Trust Funds are managed by private financial institutions such as banks, building societies, and investment firms. The government does not directly hold the accounts, which means individuals must either remember their provider or use the GOV.UK locator tool to find it.
To search, individuals need their National Insurance number and date of birth. If their National Insurance details are unavailable, they can retrieve them via the HMRC app. It typically takes less than five minutes to complete the request, with most responses received within three weeks.
Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance, described the unclaimed funds as a timely opportunity: “This is real money at a crucial time, that can help young people right at the start of their financial lives.”
