A Martin Lewis fan has shared how the expert’s handy tip helped her land £2,000 in free cash.
A mother of two had read one of MSE’s newsletters at the end of last year and decided to check if her adopted children had one of the accounts.
Kirsty explained that she had no idea Children’s Trust Funds even existed and shared her success story online after following tips from Martin Lewis.
Children’s Trust Funds are tax-free long-term savings accounts set up for children born between 1 September 2002 and 2 January 2011.
Each child received a voucher worth £250, or £500 for those from low income families.
Families could then contribute up to £9,000 a year, with the child able to access the money when he/she reaches 18 years of age.
Kirsty wrote to MSE after discovering that £1,000 had accumulated in her children’s account.
She said: “As an adoptive family, we knew nothing about CTFs until I read one of your newsletters at the end of 2022.
“I followed up the information and discovered that the two children had set up funds worth around £1,000 each.
“Thank you so much for raising awareness.”
If the parent failed to open a Child Trust Fund within a year of receiving a voucher, HMRC opened an account on behalf of the child.
This means that many accounts have been forgotten and are lying dormant.
Almost 430,000 18- to 21-year-olds have unclaimed CTF, worth an average of £2,000, according to the latest figures.
Until a child withdraws or transfers the money, it remains in an account that no one else has access to.
Junior ISAs replaced CTFS in November 2011, so people can’t get one now.
The government has an online tracking service where people can find out if they have one and whose supplier it is.
To find out more, a government gateway login and National Insurance number will be required.
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