Teenagers turning 18 in September can access their Child Trust Fund

If you were receiving Child Benefit and your child is turning 18 from this September, they may have money in their Child Trust Fund that they can withdraw. In Scotland there are approximately 447,000 UK Government Child Trust Fund accounts: https://www.gov.uk/child-trust-funds

Thousands of teenagers in Scotland are set to benefit for the first time from money in Child Trust Funds (CTFs) that has been waiting for them since they were young children.

Child Trust Funds are set to mature this year for the first time.

Child Trust Funds are set to mature this year for the first time.

Since 2002, around 6.3 million CTF accounts have been set up across the UK, roughly 4.5 million by parents or guardians and a further 1.8 million set up by HMRC where parents or guardians did not open an account.

In Scotland there are approximately 447,000 accounts.

This means some children do not know there are accounts in their name, so are unaware their money is waiting for them.

From September 1, the oldest children will turn 18 and be able to access their money.

Around 55,000 accounts will mature each month and HMRC has created a simple online tool to help young people find out where their account is held.


If a parent or guardian is unsure of where their child’s CTF account is held they can also use https://www.gov.uk/child-trust-funds/find-a-child-trust-fund to find out information.

For those who do not have the identifying information required to access the tool, HMRC will provide alternative, non-digital routes to finding a CTF provider upon request.

HMRC and The Share Foundation are also working together to help children in need of further support.

HMRC will send details of the CTF provider by post within three weeks of receiving their request.

Economic Secretary to the Treasury, John Glen, said: “We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18.

“If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.”

UK Government Minister for Scotland, David Duguid, said: “This will be a welcome boost for many Scottish young people, particularly welcome in what has been a difficult year for many.

"I encourage all young people aged between 16 – 18 years in Scotland to check if they have a dormant Child Trust Fund.

"This money, provided by UK Government, is rightly yours.

"It only takes a few minutes of your time to check your eligibility online.”

CTFs were originally set up for children born between September 2002 and January 2011, with a live Child Benefit claim.

Parents and guardians received a voucher to deposit in a Child Trust Fund (CTF) account on behalf of the child.

At 16 years, the child can choose to operate their account or have their parent continue to operate it, but they cannot withdraw the funds.

At 18 years of age, the CTF account matures and the child is able to withdraw money from the fund or move it to a different savings account.


(From Grampian Online 20 August 2020)