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  "path": "/money/hmrc-sending-letters-to-thousands-savers",
  "publishedAt": "2026-04-24T15:43:03.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "HMRC steps up property valuation scrutiny as MILLIONS face financial consequences",
    "Rachel Reeves rakes in £22bn for Treasury after 'huge increase' in capital gains tax",
    "Pension age update from HMRC as Britons to wait longer for retirement savings",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nThousands of young people across the UK could be sitting on forgotten savings worth more than £2,000 without knowing it.\n\nHM Revenue and Customs (HMRC) has launched a fresh awareness drive to reconnect 21-year-olds with unclaimed Child Trust Funds.\n\n###\n\n\n\n\nThere is roughly £1.5billion held in around 750,000 accounts that have not been accessed.\n\nThe tax authority will now write directly to every 21-year-old with an unclaimed account in an effort to return the money.\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nTwo-thirds of the six million people who received these tax-free savings accounts are now over 18 and able to withdraw their funds, yet hundreds of thousands remain unaware they hold one.\n\nChild Trust Funds are long-term, tax-free savings accounts introduced by the Government in 2005 for children born between September 2002 and January 2011.\n\nEach eligible child received at least £250 when the account was opened, with those from low-income families or in local authority care receiving an additional £250.\n\nThe accounts are managed by banks, building societies and savings providers rather than the Government.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nOn average, these unclaimed funds are worth around £2,200.\n\nOnce an individual turns 18, the account matures and they can either withdraw the money or reinvest it.\n\nEconomic Secretary to the Treasury Lucy Rigby said many young people remain unaware of their savings.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * HMRC steps up property valuation scrutiny as MILLIONS face financial consequences\n  * Rachel Reeves rakes in £22bn for Treasury after 'huge increase' in capital gains tax\n  * Pension age update from HMRC as Britons to wait longer for retirement savings\n\n\n\n###\n\n\n\n\n###\n\n\n\n\n\"Hundreds of thousands of young people in this country don't know they have a CTF, let alone how to access it,\" Ms Rigby said.\n\n\"Some will have a couple of thousand pounds sat there that would really help them as they begin adult life,\" she added.\n\nMs Rigby said the Government is determined to ensure those with accounts are informed.\n\nShe said: \"I'm determined that those who have CTFs are made aware they have this money. Together, we will ensure funds from these child trust funds can be accessed by young people to help give them the best start to adult life.\".\n\n###\n\n\n\n\n###\n\n\n\n\nEarlier this week, Ms Rigby convened Child Trust Fund providers at a roundtable to explore how the sector can improve efforts to reconnect savers with their accounts.\n\nPeople can locate their account for free by searching on gov.uk using their National Insurance number and date of birth.\n\nThose who already know their provider can contact them directly.\n\nConsumers are being warned to avoid third-party agents that charge fees for tracing funds, as the process can be completed at no cost.\n\n###\n\n\n\n\n###\n\n\n\n\nThe Share Foundation also provides a free tool to help individuals locate their accounts.\n\nThe charity has welcomed the Government’s campaign but is calling for further action.\n\nIt is urging that funds be automatically released to account holders when they turn 21, noting Child Trust Funds have now been replaced by Junior ISAs.\n\n###\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "HMRC issue letters to thousands of savers who might be owed over £2,000"
}