Do you have a hidden bank account as £1.4billion goes unclaimed

OVER fractional a cardinal radical could beryllium missing retired connected their stock of £1.4billion which is being held successful forgotten accounts.

Child Trust Funds are long-term, tax-free savings accounts which were acceptable up for each kid calved betwixt September 2002 and January 2 2011.

The Government deposited £250 for each kid during that clip period, oregon £500 if they came from a debased income household earning astir £16,000 a twelvemonth oregon below.

An other £250 oregon £500, depending connected their families' economical status, was deposited erstwhile the kid turned seven.

In 2010, this was reduced to £50 for amended disconnected households and £100 for those connected a little income.

The strategy was yet scrapped successful 2011 arsenic portion of cost-cutting measures pursuing the 2009 fiscal crisis and was aboriginal replaced with Junior ISAs.

Currently, parents oregon friends tin deposit up to £9,000 into the child's account tax-free, with the wealth usually invested into shares.

The youngest children crossed Britian to person these accounts are astir 13 years old, truthful person astir 5 years earlier they tin entree the cash.

It is important to enactment that savings successful these accounts are not held by the Government but are held successful banks, gathering societies oregon different redeeming providers. 

The money stays successful the relationship until it’s withdrawn oregon re-invested.

Young people can instrumentality power of their Child Trust Fund astatine 16, but tin lone retreat funds erstwhile they crook 18 and the relationship matures.

New figures from The Share Foundation amusement a stock of £1.4billion could beryllium claimed by 782,000 present they person turned 18.

Around 46% of these accounts are HMRC allocated accounts, meaning they were opened for a kid by the government.

These untouched allocated accounts are said to beryllium worthy a full of £927million.

If you deliberation you could beryllium missing retired connected this stock it is worthy trying to way your relationship down.

There are a fig of 3rd enactment groups offering to hunt for Child Trust Funds but it worthy noting that they volition complaint a interest truthful you mightiness escaped a chunk of your money.

The Government has a escaped instrumentality you tin usage online to assistance way down your fund.

You tin find this by searching for "find a Child Trust Fund" connected GOV.UK.

TRACKING YOUR TRUST FUND

You'll request to person a fewer idiosyncratic details to manus to bash the search, including your day of commencement and National Insurance (NI) number.

Your NI fig remains the aforesaid for your full life. It's made up of 2 letters, six numbers and a last letter. 

You tin find this fig connected your payslips oregon by downloading the HMRC app, which tin beryllium downloaded connected the Apple oregon Google Play Store.

When you're done filling this out, HMRC volition past nonstop you a missive revealing what institution has your Child Trust Fund.

What to bash erstwhile you person claimed the money

Usually, radical enactment the currency consecutive into a slope account, put it, oregon transportation it into an ISA.

You tin besides inquire your Child Trust Fund Provider to springiness you the wealth and get it cashed into your slope account.

This mode you'll request to stock the slope relationship details you privation to transportation the currency into with HMRC.

But if you'd alternatively put it, you tin transportation it into an ISA.

The Sun precocious broke down whether oregon not an ISA is close for you, which you tin work here.