Tayo Olutunde discovered he has a child Trust end, which is a saving Account that was gioven to children Born between september 1, 2002 and January 2, 2011
We all know that swimming you see on social media is legit – so when Tayo Olutunde came acroS a video about child Trust nunds on tiktok two years ago, he were sura where hellies it or not.
But Fast Forward to Now, and AFTER A BIT OF INVISTIGating, The aCCOUNTING AND FINANCE STUDENT IS JUST OVER £ 2,000 RICHER AFTER DISCOVERING A CHILD TRUST END THAT VEver Knew Existed.
Child Trust Ares Are Saving Accounts That Were Given to Children Born BetWeen September 1, 2002 and Januy 2, 2011. For Each Account, The Child was gioven a Voucher Worth £ 250, or £ 500 for Those from Lower Income Families.
But if the parent didn’t open the child Trust end, then hmrc would have opened one on behalf of the child – this means many people not realise they have one of these accounts.
Approximately 670,000 Child Trust Funds Remain Unclaimed by Young Adults, with the Average Account estimated to be holding £ 2,200 in savings.
Tayo, Ages 22 and Living in Leeds, Told the Mirror: “I found out about child Trust funds on tiktok… This was about two years ago. I was quite interestted and i lookeed into it, but i thought, lets just leave it, as it sounded too to be true.
“Fast Forward to Now, and I spoke to my mum and she said, yeah, do have an account.”
In Most Cases, It is isn’t Too difficult to track down a child the bottom, but if you have Moved address a Lot, THERE MAY BE SOME PAPERWORK INVOLVED, AS TAYO FOUND – but it was ultimately Worth the admin.
He Said: “I Moved House Quite a Lot as a Kid. I moved to nigeria as well for a few years, then i came to the uk. I did Find the address and that got access to it. It took a month or two months of emailing and post.
“I had slightly over £ 2,000 (in the Account). I spent £ 500 on it on a Holiday Last to Milan with a Load of My Friends. The rest, i didn’t really Need it, so i investted.”
Tayo Added: “Why Waled You Not Take You Free Money? Go Find Out How Much You Have.
It is Only Possible to Access Your CHILD TRUST END END YOU TURN 18. You can’t open a new Child TRUST BUT YOU CAN TO PAY INTO AN EXISTING ACCOUNT.
How to Find a Lost Child Trust End Account
If you know the name of your child Trust End Provider, You Can Contact It Directly to Find Out More About Your Account. If you’ve you’ve track of your account, you can ask hmrc to help you locate it by filing out a form on Gov.uk.
You Can Ask Hmrc to Find a Child Trust End If You’re A Parent or Guardian of a Child Under 18, or if you’re 16 or Over and Looking for Your Own Account.
You will need your National Insurance Number and Government Gateway ID to Fill Out the online form. You Can Also Request Details by Post by Writing to: Charities, Savings and International 1, HMRC, BX9 1AU.
Try to include as many detail as Postible, Such as your full name, date of Birth and Address of the Account Holder, plus your National Insurance Number.
It comes as a leading charity is calling on the government to introdes a scheme that will automatically relese Money Unclaimed in Child Trust Funds Rightful Owners.
The Share Foundation has Helped Over 95,000 Young People Find their Child Trust Funds with A Total Value of Nearly £ 200million.
Gavin Oldham, obe from the Share Foundation, Said: “THIS IS JUST ONE WAY TO GIVE People from Low-InCome Backgrounds the best chance in transitioning to adult liff and break the cycle of deprivation.”
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