Millions of teenagers are set to benefit for the first time from money in Child Trust Funds (CTFs), that has been waiting for them since they were young children.

CTFs were originally set up for children born between 1 September 2002 and 2 January 2011, with a live Child Benefit claim. Parents and guardians received a voucher to deposit in a Child Trust Fund account on behalf of the child.

Since 2002 around 6.3 million CTF funds have been set up, around 4.5 million by parents or guardians and a further 1.8 million set up by HMRC when no-one opened an account.

This means there will be some children who do not know there is an account in their name, so are unaware their money is waiting for them!

From 1 September 2020, the oldest children will turn 18 and be able to access their money. Around 55,000 accounts will mature each month and HMRC has created a simple online tool to help young people find out where their account is held. If parents/guardians are unsure where their child’s CTF account is held they too can use this tool. It can be accessed at

For those who do not have the identifying information required to access the tool, HMRC will provide an alternative, non-digital routes to finding a CTF provider upon request.

A Child Trust Fund (CTF) is a long-term tax-free savings account for children. You cannot apply for a new Child Trust Fund because the scheme is now closed. Junior ISAs are a current alternative for parents wishing to set establish tax-free savings for their children.

HMRC and the Share Foundation are also working together to help children in need of further support.