Western Isles MP urges those turning 18 not to miss out on hidden savings

People celebrating their 18th birthday can access money put aside for them in a Child Trust Fund.

For every child born from September 1, 2002, until the Conservative Government closed the scheme in January 2011, the Labour Government invested £250 in a fund that only they can access.

The money went into an account their parents could open with a financial services provider, using a voucher sent out by the government. For children whose parents didn’t use their voucher, the government set up an account for them.

Mr MacNeil said: “If you are turning 18 this month or any time until 2029, you can access this fund and I would encourage everyone to take action on this.

“The problem is that not everyone knows it is there because the Conservatives stopped paying into it and then cancelled it altogether.

“Now more than ever, every pound counts, so don’t miss out on cash that is yours.”

A Child Trust Fund (CTF) is a long-term tax-free savings account for children. You can find a Child Trust Fund by going to Find a Child Trust Fund

If you’re looking for your own trust fund, you’ll need your National Insurance number.

HMRC will send you details of the Child Trust Fund provider by post within three weeks of receiving your request.

Fill in the form online at Child Trust Funds

You’ll need a Government Gateway user ID and password. If you do not have a user ID, you can create one when you fill in the online form.

If you’re a parent looking for your child’s trust fund, you’ll need either the child’s Unique Reference Number (you’ll find this on your annual CTF statement) or their National Insurance number.