Could your child have £1000’s of hidden funds?

Do yo have a child who was born between 2002 and 2010? If so then did you know they could have thousands of pounds lying around somewhere in an old savings account?

Yes this is definitely something worth looking into because so many people are unaware of the accounts that were automatically set up for them under the Labour Government. At the time, Parents of young children received £250 to open a child trust fund account, with another £250 coming when hey turned 7. Some children in low income families received double this amount which means that they’d be entitled to up t £1000 in savings!

If you don’t remember opening one the don’t worry, because the government will of done it for you on your child’s behalf. Hence why so many people are unaware they even exist!

From April 6th, parents will be able to transfer money from their childrens trust fund, into a junior ISA after years of having savings stuck in an obsolete savings account. 1.5 million of the 6.3 million Child Trust funds have never received any payments apart from the Government’s which is a big sign the accounts have probably slipped families minds!

So if you think you could have a child who has a hidden piggy bank worth hundreds or even thousands of pounds then you should of received a Child Trust Fund voucher.

If you have a child who was born between 1st September 2002 and 2 January  2011, and were eligible for Child Benefit then you can search for your trust fund  . All you have to do is enter your contact details and your child’s details, and HM Revenue and Customs will write to you within 15 days!

You’ll then be able to move the money into a junior ISA which will be much more beneficial!

CLICK HERE to search for a hidden trust fund.

CLICK HERE for more information on switching your child’s trust fund into a Junior ISA.