Millions of people are unaware Government gave them £500 savings when born
14 May 2019, 14:27
Those born between September 2002 and January 2011 received a child trust fund of £500
Every single child born in the UK between a set period were gifted a trust fund worth hundreds when they were born by the Government, but millions of them have been forgotten about and can still be claimed right now.
In 2005, Prime Minister Gordon Brown introduced Child Trust Funds (CTFs) to help parents build a nest egg for their young ones, meaning that anyone born between 1 September 2002 and 1 January 2011 would get a CTF voucher.
It could range from £250-£500 depending on the family's circumstances and there was the option to build on the initial amount of cash.
A current 17-year-old who paid in £10 a month on top of their initial amount would now have £3,610 in their account, a bonus of nearly £2,000.
The built-up money is possible to access when the child reaches 18, and it can be re-invested into an adult ISA or to fund immediate expenses like university fees.
Even if parents haven't paid into the trust fund, as in some cases, forgotten vouchers could be worth up to a whopping £2,000.
OneFamily has set up a page just to help families figure out what they can do to access the money.
The Government also offers advice and links to help find lost CTFs here.