Brits given code by HMRC for £2,240 cash - 750,000 missing out

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Hundreds of thousands of Brits could be missing out on savings worth an average of £2,310, with HMRC urging people to check whether they have money waiting to be claimed. Around…

Hundreds of thousands of Brits could be missing out on savings worth an average of £2,310, with HMRC urging people to check whether they have money waiting to be claimed. Around 827,000 young adults have unclaimed Child Trust Funds, according to the latest figures published by the tax authority in September 2026. A Child Trust Fund is a Government-backed savings account set up for children born between September 2002 and January 2011, with the money becoming available to withdraw when they turn 18. The Government initially contributed £250 to eligible accounts, with children from lower-income families receiving £500.

If parents or guardians did not open an account for their child, the Government arranged for one to be set up on their behalf. Although young people can take control of their accounts from the age of 16, they generally cannot withdraw the money until they turn 18.

The average amount held in unclaimed matured Child Trust Funds was £2,310 as of April 2026, although individual balances vary depending on the account's performance and any additional contributions.

In an earlier appeal published in September 2025, Angela MacDonald, HMRC's second permanent secretary and deputy chief executive, said: "If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today."

Anyone looking to trace a forgotten Child Trust Fund will need the young person's National Insurance number, a unique code consisting of two letters, six numbers and a final letter, as well as their date of birth.

Young people usually receive their National Insurance number shortly before their 16th birthday. Those who cannot find it can access it through the HMRC app.

HMRC says it takes around five minutes to submit an online request to locate a Child Trust Fund, with most applicants hearing back within three weeks.

Those who believe they may have an account can use the Government's free online…

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