HMRC are encouraging young adults to check whether they have a matured Child Trust Fund. This can be done by using a locator app which is available on the Gov.uk website at www.gov.uk/child-trust-funds/find-a-child-trust-funds/find-a-child-trust-fund.
Child Trust Funds are long-term savings accounts which were available for children born between 1 September 2002 and 2 January 2011 and on average are worth £2,242.
The account matures when the child reaches 18, and at that point they can decide whether to withdraw the funds or reinvest them. The young adult can take control of their Child Trust Fund when they reach the age of 16.
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