Brits given code by HMRC for £2,240 cash – 750,000 missing out

Hundreds of thousands of Brits could be missing out on savings worth an average of £2,310, with HMRC urging people to check whether they have money waiting to be claimed. Around 827,000 young adults have unclaimed Child Trust Funds, according to the latest figures published by the tax authority in September 2026. A Child Trust Fund is a Government-backed savings account set up for children born between September 2002 and January 2011, with the money becoming available to withdraw when they turn 18. The Government initially contributed £250 to eligible accounts, with children from lower-income families receiving £500. Further payments of £250 or £500 were made to eligible children when they turned seven, although these stopped in August 2010, before the scheme closed to new entrants in January 2011 and was replaced by Junior Individual Savings Accounts (ISAs).

If parents or guardians did not open an account for their child, the Government arranged for one to be set up on their behalf. Although young people can take control of their accounts from the age of 16, they generally cannot withdraw the money until they turn 18.

The average amount held in unclaimed matured Child Trust Funds was £2,310 as of April 2026, although individual balances vary depending on the account’s performance and any additional contributions.

In an earlier appeal published in September 2025, Angela MacDonald, HMRC‘s second permanent secretary and deputy chief executive, said: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”

Anyone looking to trace a forgotten Child Trust Fund will need the young person’s National Insurance number, a unique code consisting of two letters, six numbers and a final letter, as well as their date of birth.

Young people usually receive their National Insurance number shortly before their 16th birthday. Those who cannot find it can access it through the HMRC app.

HMRC says it takes around five minutes to submit an online request to locate a Child Trust Fund, with most applicants hearing back within three weeks.

Those who believe they may have an account can use the Government’s free online tracing service to find out which provider holds their savings.

Almost 500,000 young people used the GOV.UK locator tool in the nine months to August 2026, according to HMRC.

Anyone who already knows which bank, building society or savings provider holds their account can contact the organisation directly.

Once a request has been submitted, HMRC will send details of the account provider, allowing the young person to contact them about accessing their savings.

The money belongs to the young person named on the account, who can choose to withdraw it, leave it where it is or reinvest it once they turn 18.

Anna, 18, from London, who has already claimed her Child Trust Fund, said: “It was really straightforward. Nationwide kept me updated the whole way through and explained how to access the money.

“I’m heading off to university soon, and I honestly had no idea how expensive things like saucepans, plates and all the other essentials would be, so this support has been really helpful.”

Anyone who believes they may have an unclaimed Child Trust Fund can track down their savings for free using the Government’s online service at GOV.UK.

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