{"id":84220,"date":"2023-11-15T05:06:31","date_gmt":"2023-11-15T05:06:31","guid":{"rendered":"https:\/\/happylifestyleinc.com\/?p=84220"},"modified":"2023-11-15T05:06:31","modified_gmt":"2023-11-15T05:06:31","slug":"i-found-2000-free-cash-in-lost-bank-accounts-thanks-to-handy-martin-lewis-tip-and-thousands-are-still-missing-out-the-sun","status":"publish","type":"post","link":"https:\/\/happylifestyleinc.com\/lifestyle\/i-found-2000-free-cash-in-lost-bank-accounts-thanks-to-handy-martin-lewis-tip-and-thousands-are-still-missing-out-the-sun\/","title":{"rendered":"I found \u00a32,000 free cash in lost bank accounts thanks to handy Martin Lewis tip – and thousands are still missing out | The Sun"},"content":{"rendered":"

A MARTIN Lewis fan has revealed how the expert's handy tip helped her track down \u00a32,000 in free cash. <\/p>\n

In the latest MoneySavingExpert newsletter, a reader named Kirsty shared how she found the cash in her kids' Child Trust Funds (CTFs).<\/p>\n

<\/p>\n

The mum-o-two had read one of MSE's newsletters late last year and decided to check if her adopted children had one of the accounts.<\/p>\n

CTFs\u00a0are long-term, tax-free savings accounts and were set up for children born between September 1 2002 and January 2 2011.<\/p>\n

Many children got around \u00a3250 each from the state at the time their\u00a0CTF\u00a0was started, while those from low-income families or in local authority care received an extra \u00a3250.<\/p>\n

Funds can be withdrawn once the child turns 18.<\/p>\n

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Kirsty wrote into MSE after she found \u00a31,000 had built up in both of her children's accounts. <\/p>\n

She said: "As an adoptive family, we didn't know anything about CTFs until I read one of your newsletters at the end of 2022. <\/p>\n

"I followed the info and discovered that both children had funds set up valued at around \u00a31,000 each." Thank you so much for raising awareness."<\/p>\n

Kirsty then thanked Martin and his team for raising awareness of these handy accounts. <\/p>\n

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Nearly 430,000 18 to 21-year-olds have an unclaimed CTF, worth an average of \u00a32,000, according to the latest figures.<\/p>\n

Below we reveal how you can track down a Child Trust Fund and what to do if you have one.<\/p>\n

What is a Child Trust Fund and does my child have one?<\/h2>\n

Kids born between 2002 and 2011 also had the opportunity to set up a child trust fund themselves.<\/p>\n

HMRC\u00a0sent the parents or guardians of qualifying\u00a0children a starting payment voucher of \u00a3250 (or \u00a3500 if you were on a low income).<\/p>\n

If you didn't set one up for your child within a year, HMRC would do it automatically.<\/p>\n

Anyone can add to the account thereafter, and you can put up to \u00a39,000 a year into it.<\/p>\n

The year starts on the child\u2019s birthday and ends the day before their next<\/span> birthday.<\/p>\n

Your child will have full control over the account once they turn 18.<\/p>\n

At that point, no more money can be added either.<\/p>\n

Until your child withdraws or transfers the money, it stays in an account that no one else has access to.<\/p>\n

CTFS were replaced by Junior ISAs\u00a0in November 2011, so you can't get one now.<\/p>\n

How do I find an account?<\/h2>\n

If you are one of the tens of thousands of young adults who haven't claimed their account, the government has an\u00a0online tracing service\u00a0where you can find out if you have one and which provider it's with.<\/p>\n

To find out more, you'll need a government gateway login and\u00a0National Insurance\u00a0number.<\/p>\n

If you are a parent looking to find out about your child's fund you can either\u00a0access it online, or you'll need to send a letter to\u00a0HMRC\u00a0with the following details:<\/p>\n