LITRG: Child Trust Funds - find them for free

16 May 2024

The Low Incomes Tax Reform Group has urged young people to use a free HMRC tool to check if they have a Child Trust Fund (CTF), following concerns that some firms could be charging hundreds of pounds to trace and help withdraw the value of the fund.

CTFs are savings accounts which were opened automatically for most UK citizens born between 1 September 2002 and 2 January 2011. They mature on the 18th birthday of the person they belong to, at which point they can decide whether to take the money or transfer it into an Individual Savings Account (ISA).

While HMRC offers a free online service to help owners, or their parents or guardians if under 18, trace their fund1, LITRG has been made aware of organisations who are targeting young people via social media offering to trace and withdraw the fund for a fee. This could unnecessarily cost the young person hundreds of pounds.

There are other organisations who can help young people find their CTF and who do not charge a fee.2

Joanne Walker, LITRG Technical Officer, said:

“There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government’s offer when they were born, but HMRC would have opened an account on their behalf.

“If they want to find out if they have a Child Trust Fund and withdraw the money, they do not need to pay someone else to do this for them. HMRC offers a free service for people who know the name of the savings provider that holds their account. Even if they do not have this information, HMRC can help them find it if they provide their date of birth and National Insurance number.

“For those who want help doing this, there are organisations available who can help locate the fund and who do not charge for the service.

“There is nothing wrong in using a company that will charge for their services as long as people make an informed choice to do so. However, these simple steps can ensure young people are able to find and access their fund, without the need for an expensive fee.”

Notes for editors

  1. There is information about Child Trust Funds, including a link to HMRC’s Find a Child Trust Fund tool, on GOV.UK. You can ask HMRC to find a Child Trust Fund if you are 16 or over and looking for your own trust fund or you are a parent or guardian of a child under 18. 
  2. The Share Foundation also offer a free tracing service that can be accessed via their website.