Martin Lewis warns one million families have £1,000s in lost cash

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MARTIN Lewis has warned that one million families have £1,000s in lost cash – here’s how to track it down. The advice relates to families who have lost child trust funds (CTF) and some …

or saved in cash when accounts were opened - and the money could not be accessed until the child turned 18.

The first batch of teenagers with CTF accounts turned 18 and were able to access to their accounts from September 2, 2020. But many young adults who have come of age don't even know they have an account - and they could be missing out on thousands of pounds. It is important to note that if you were born after January 2, 2011, you will not have a fund set up.A CTF matures on the accountholder's 18th birthday.Until your child withdraws or transfers the money, it stays in an account that no one else has access to.

If you are one of the tens of thousands of young adults who haven't claimed their account, the government has an online tracing service where you can find out if you have one and which provider it's with.If you are a parent looking to find out about your child's fund you can either access it online, or you'll need to send a letter to

 

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