HMRC says almost one million Brits can claim ‘forgotten’ fund if born between two dates

Nearly a million accounts remain untouched

According to HMRC, 758,000 Child Trust Fund accounts remain untouched, each containing an average of £2,242.

This means that approximately £1.7billion are lying dormant.

In an attempt to reconnect young adults with the funds, officials are now cautioning that many may be oblivious to the money's existence.

“If you're between 18 and 23, you could be sat on a savings payout and not even realise it”, HMRC's Second Permanent Secretary, Angela MacDonald said.

If you are born between September 1, 2002 and January 2, 2011, you are likely to have a Child Trust Fund if Child Benefit was claimed on your behalf.

Parents received a voucher to establish the account in numerous instances.

However, if they didn't act, HMRC opened one automatically, meaning thousands are unaware where their savings are held.

These accounts were created to provide every child with a financial head start in adulthood.

And at least £250 were deposited at birth by the government.

The money only becomes available at 18, when the fund matures, even if young Britons can assume control of their account at 16.

Many, however, haven’t done that.

Often this happened because they weren’t aware that the account exists in the first place, or because they don't know who their provider is.

HM Revenue & Customs has published a checklist to help young people track down their money and understand their options:

• If you were born between 2002 and 2011, you probably have an account
• Parents may have opened it – or HMRC may have done so for you
• You can take control at 16
• You can access the money at 18
• You can move the funds into an ISA or savings account
• Your provider can explain your options
• Ask your parents first for account details, if they don’t know, use the free GOV.UK locator tool here.
• You’ll need your National Insurance number
• Your money remains safe until you claim it

According to the government, it takes just five minutes to submit a request using the official online tool here with most people hearing back in under three weeks.

In the past year alone, more than 563,000 searches were made, showing growing awareness.

However, this has also highlighted how many accounts are still unclaimed.

According to experts, the cash could be a crucial financial boost at a key moment in life.

It could provide a great help with rent, university costs or savings.

“With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time”, Shelley Doorey-Williams, chief executive of the London Foundation for Banking & Finance, said.