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HMRC encourages teenagers to save up to thousands of pounds.

Updated: Dec 29, 2023


These accounts, which can be accessed once the recipient turns 18 and are often estimated to be valued at roughly £2,100.

HMRC is advising teenagers to save money that might be worth thousands of pounds.

Every child born between September 1, 2002, and January 2, 2011, is eligible to open a matured child trust fund, a long-term, tax-free savings account with a minimum initial investment of £250 from the government.

Teenagers may have a stash of cash worth thousands of pounds waiting for them without even realizing it, according to HMRC's second permanent secretary and deputy chief executive, Angela MacDonald.

We want to make getting your savings and any other money you are due easier.

These funds, which can be accessed after the recipient reaches the age of 18, are typically estimated to be valued at roughly £2,100.

According to HMRC, there may be 6.3 million Child Trust Fund accounts in existence, with a potential value of £9 billion.

Families may contribute to the account up to £9,000 per year tax-free.

16 and 17-year-olds can assume management of the Matured Child Trust Fund account and access it, but they cannot withdraw funds until they are 18 or older.

If the saver, their parents, or legal guardians are aware of the account's location, they can get in touch with the Child Trust Fund provider directly to access the report.

Or, if they are unsure, they can query HMRC and learn more on GOV.UK.

Money cannot be added to the account once the recipient turns 18; it must either be transferred or deleted.


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