An accounting and finance student, Tayo Olutunde, stumbled upon a TikTok video discussing Child Trust Funds two years ago. Initially skeptical, he decided to investigate further. Today, Tayo is pleasantly surprised to find himself over £2,000 richer after uncovering a forgotten Child Trust Fund.

Child Trust Funds are savings accounts gifted to children born between September 1, 2002, and January 2, 2011. Each child received a voucher worth £250, or £500 for those from lower-income families. In cases where parents did not open the fund, HMRC would have done so on behalf of the child, leading to many individuals being unaware of their accounts.

Approximately 670,000 unclaimed Child Trust Funds exist, with an average balance of £2,200. Tayo, residing in Leeds at 22 years old, shared his experience with The Mirror, stating he first learned about Child Trust Funds on TikTok. After some persistence, he confirmed the existence of his own fund with his mother’s help.

Locating a Child Trust Fund is usually straightforward, but frequent address changes may require additional paperwork, as Tayo experienced. Despite the process, the effort paid off for Tayo, who accessed his fund and discovered a balance exceeding £2,000. He used part of the funds for a holiday and invested the rest wisely.

Tayo emphasized the importance of checking for unclaimed funds, urging individuals to seize the opportunity to invest or utilize the money effectively. Access to Child Trust Funds is granted upon turning 18, allowing continued contributions to existing accounts.

For those seeking their Child Trust Funds, contacting the provider directly or seeking assistance from HMRC is recommended. Completing the necessary forms with details such as National Insurance number and Government Gateway ID can help locate lost accounts. The Share Foundation advocates for a scheme to automatically release unclaimed funds, benefiting young people from low-income backgrounds.