Your child might have a thousand pounds in the bank you don't even know about

Wednesday, 21st March 2018, 08:16 am
Updated Wednesday, 21st March 2018, 09:14 am

Millions of children across the country could have as much as £1,000 in a bank account without parents even realising it.

Introduced by the last Labour Government in 2002, the Child Trust Fund paid millions into tax-free children’s saving accounts to encourage parents to save for their children.

However, ISA provider, Scottish Friendly, estimates that one in four of these Trust Funds, and the money, have been forgotten about.

The Child Trust Fund gave £250 to children when they were born and a further £250 when they turned seven.

Low income families received double payments from the Government though, meaning some families could have as much as £1,000 in savings accounts.

Although the scheme was scrapped in January 2011, children born between September 1, 2002, and January 2, 2011 could be eligible for the Funds.

Even if parents never opened a Child Trust Fund account, the Government set up Trust Funds on the behalf of children around the country and put the money in.

The Child Trust Fund is accessible through the HM Revenue & Customs website but the money will not be accessible until the child turns 18.