Martin Lewis explains how to track down lost Child Trust Funds – you could find thousands

Martin Lewis provides advice on tracing a Child Trust Fund

Martin Lewis frequently provides Britons with money saving tips and financial help through his Money Show on ITV, and today was no different. The Money Saving Expert today examined the issue of Child Trust Funds, which have come to maturity for many people recently. Child Trust Funds are long-term tax-free saving accounts for children introduced by the government back in 2005.

They were made available to children born between September 1, 2002 and January 2, 2011 to help build up a pot of money.

It is thought, eighteen years down the line, that the average fund is worth approximately £1,000.

However, many people have unfortunately lost track of their Child Trust Fund, and could be missing out as a result.

One Briton in this situation, named Christopher, wrote in to explain his situation to Martin, and ask for advice.

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He stated that while he had set up a Child Trust Fund for his daughter, he had since lost track of the arrangement.

To avoid missing out on the sum which has been building up, Christopher asked Martin how he might be able to hunt this down.

Thankfully, Martin was able to offer his advice on the matter.

Martin explained that a Child Trust Fund is the predecessor to the popular Junior ISA (Individual Savings Account) which many people now use to put money away for their children.

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For children born between between 2002 and 2011, Martin explained, there may even be a bonus put into this account.

Martin said the state has put £50 into the Child Trust Fund accounts of Britons, which can prove a helping hand.

For those looking to trace their Child Trust Fund after a number of years, though, there is a simple way in which to do so.

Martin explained that Her Majesty’s Revenue and Customs (HMRC) has a tracer tool online, designed to help Britons in this predicament. 

The tracing service is accessible through the government’s website, but there are a few steps to consider.

Firstly, Britons should have their Government Gateway User ID and password to hand, but if they do not, then they can create one when using the service.

Next, Britons will need the child’s Unique Reference Number, which can be found on their annual CTF statement, as well as their National Insurance number.

Thirdly, people will need to fill in the form online in order to ask HMRC where the account was first opened.

The Revenue will then send Britons the details of their CTF provider by post within three weeks of a request being received.

HMRC can also be contacted by post for those hoping to find out where a CTF is being held. 

But for those who have managed to get their hands on the money saved in a Child Trust Fund, Martin offered a recommendation on what to do next.

He suggested that if it is in a savings account, people should transfer this across and get it into a Junior ISA, where it could potentially earn more interest. 

Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip

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