Children aged between 7 and 15 could have as much as much as £1,000 sitting in a bank account that you, their parents don’t even know exists.
Under the last government children born between 2002 and 2010 were entitled to a Child Trust Fund account where parents were given £250 to save for their child with an additional £250 added on their seventh birthday. Children from low-income families received double payments.
Families that didn’t open a bank account for their child would have had one opened automatically by the government.
Children entitled to a trust fund must have been born between September 1, 2002, and January 2, 2011, and parents must have been eligible for child benefit.
If you are unsure if your child has an account you can visit the website here to search for an account. You will need your Government Gateway credentials to log in, which you will receive when you create an HMRC online account.
