How to Claim the Free Child Trust Fund the Government Set Up for Your Child
If you’ve got a child born between 1 September 2002 and 2 January 2011, here’s some fantastic news, they may have free money from the government sitting waiting for them! Yes, I’m talking about the Child Trust Fund (CTF), a government savings account created to give kids a financial head start. Whether it’s free money for university, a first car, or a first home, these savings can make a big difference.
But here’s the problem, not every parent or young person knows where to find it, or that it even exists. I recently helped my son Ben locate his trust fund, and it was much easier than you’d think. Honestly, we had the details within about a week!
Keep reading to learn how you (or your child) can track down this financial gift and make the most of it.
What is a Child Trust Fund?
A Child Trust Fund (CTF) is a long-term savings or investment account that the UK government set up for children born between 1 September 2002 and 2 January 2011. These accounts were designed to encourage saving for a child’s future, with the government contributing an initial payment of up to £250 (and sometimes even £500, depending on your financial circumstances at the time). In some cases a further payment was paid in by the government when the child was older, again the amount depended on financial circumstances with more for children of single parents on benefits or disabled children for example.
If that wasn’t exciting enough, parents, family, and friends could also add money into the CTF over the years (up to £9,000 a year). Even if no additional contributions were made, the money could grow over time through investments or interest.
Now, children are coming of age to access their savings—but many accounts remain unclaimed! Maybe families have forgotten about it or were unaware that Grandparents added to the money, or perhaps youngsters are not in contact with their parents and don’t know they even have this money!
Who Can Access the Child Trust Fund?
Depending on when your child was born, here’s who should take charge of finding the account:
- Parents/Guardians
If your child is under 18, you can track their CTF on their behalf. They can not access the money until they are 18 though and it is their money not yours.
- Young Adults
If you were born between the eligible dates, you can find and access your CTF as soon as you turn 16 (although the money itself can only be used from age 18).
Why Should You Track the Child Trust Fund?
It might feel like “just another thing to do,” but trust me, it’s worth it. Here’s why:
- It’s free money. Seriously, who doesn’t love free money?
- Help set up their future. The CTF could cover key milestones, like university fees, a first car, or a deposit for a first home.
- Move it into a better account. You can transfer the funds to a savings account or an ISA with higher interest rates.
For Ben, it wasn’t a fortune, but it’s enough to give his savings a head start. Every little bit helps! He doesn’t need the money now so it can go into a high interest savings account and one day he will benefit from it.
How to Find a Child Trust Fund in 3 Simple Steps
The process might sound daunting, but it’s genuinely straightforward. Follow these steps to find your child’s trust fund or your own.
1. Log Into Your Government Gateway Account
You need a Government Gateway account to request CTF information. This is the same account you use for HMRC services like managing taxes or checking National Insurance contributions.
- If you already have one, just log in.
- If you don’t, you can create one for free on the Government Gateway website. It only takes about 10 minutes to set up.
2. Visit the Find a Child Trust Fund Page
Once logged in, go to the Find a Child Trust Fund service. Fill in the requested details, including the child’s name, date of birth, and National Insurance number (if available).
Tip: If you’re a young adult searching for your own fund, you’ll need your National Insurance number. If you don’t know it, check old payslips or contact HMRC to retrieve it. If you receive PIP or other benefits it may also be on those.
3. Receive Account Details
Once your details are submitted, HMRC will track down the provider holding the CTF. You should hear back within a few weeks via post with the name of the account provider and how to contact them. For us, it only took about a week, easy peasy!
What Comes Next?
After finding the CTF provider, contact them directly to get access. They’ll guide you or your child through the steps to manage, withdraw, or transfer the funds.
Things to consider:
- Keep saving or investing: The CTF can continue growing even after it’s located. Why not transfer it to a Junior ISA or a high-interest savings account?
- Withdraw for big plans: Need help paying university fees or buying a car? This is a great way to start funding those goals.
Frequently Asked Questions
What if I don’t have a Government Gateway account?
No worries! You can create one quickly on the Government Gateway website.
What if I forgot about my child’s CTF?
You’re not alone—many parents forgot after the initial setup. The good news is, the money is still there waiting!
What happens if my child turns 18 and hasn’t claimed the fund?
The account doesn’t disappear! The money rolls over into a regular savings account in their name, but it’s still theirs to claim.
Can I withdraw the money directly?
If your child is under 18, the funds remain in the account until their 18th birthday. After that, they have full access.
Should I pay an agency to trace my Child Trust Fund?
NO! These agencies charge a percentage of the amount in the fund and all they do is tell you where it is, something that you can do for free on the Government website!
Can I claim the Child Trust Fund if my child has died?
Yes. If your child had a child trust fun (i.e. was born between those dates) then the Child Trust Fund goes to the person who would have inherited their estate, usually one of the parents.
What if my parents didn’t open a Child Trust Fund account?
The government opened an account for youngsters who did not have an account opened for them. You can simply go through the same process to find where it is.
My parents didn’t add to my Child Trust Fund can I still get the government money?
Yes! The money was always there for you and is still available whether your parents added any money or not.
My thoughts
Tracking down your child’s Child Trust Fund (or your own) is quicker and easier than it sounds. And as I discovered, the reward is worth it. Ben now has extra savings that he can use for his first car or home. All it took was a simple form and a little patience.
Why not take 10 minutes today and see what savings are waiting for your youngster, or yourself if you are over 16? Trust me; you won’t regret it!