HMRC warns anyone born on these dates could be owed £2,200 in unclaimed cash

HMRC is urging parents to check if their child has a forgotten savings account worth an average of £2,000. Child Trust Funds were saving accounts given to children born between September 1, 2002 and January 2, 2011.

Each child was given a voucher worth £250, or £500 for those from lower income families to start the account. Families could then add up to £9,000 a year into a Child Trust Fund.

If the parent didn't open a Child Trust Fund, then HMRC would have opened one on behalf of the child - this means there are thousands of young people that may not realise they have one of these accounts.

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Latest figures from HMRC show more than 670,000 people aged 18 to 22 have yet to claim their Child Trust Fund. On average, each account is worth £2,212.

In a post on X, HMRC said: "If your child is between 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200."

You can't open a new Child Trust Fund but you can continue to pay into an existing account. It is only possible to access a Child Trust Fund once the child turns 18.

How to fin d a lost Child Trust Fund account

If you know the name of your Child Trust Fund provider, you can contact it directly to find out more about your account. If you've lost track of your account, you can ask HMRC to help you locate it by filling out a form on GOV.UK.

You can ask HMRC to find a Child Trust Fund if you’re a parent or guardian of a child under 18, or if you’re 16 or over and looking for your own account.

You will need your National Insurance number and Government Gateway - this is free to create - to fill out the online form. Once you've entered the right information, HMRC should tell you the name of the Child Trust Fund provider within three weeks.

You can also request details by post by writing to: Charities, Savings and International 1, HMRC, BX9 1AU. Try to include as many details as possible, such as the full name, date of birth and address of the account holder, plus their National Insurance number.

In a comment published last November, Angela MacDonald, HMRC Second Permanent Secretary and Deputy Chief Executive, said: “Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.

“You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”