Millions remain unclaimed in matured child trust funds

In April 2021 the market value of child trust funds was £10.4bn compared to £7.15bn in junior individual savings accounts (ISAs) according to HMRC's annual savings statistics. The average market value of a child trust fund in 2020-21 was £1 911.

Child trust funds started maturing in September 2020. Between then and April 2021 £393m has been withdrawn but £374m remains unclaimed.

Sarah Coles senior personal finance analyst at Hargreaves Lansdown said: ‘Almost as much cash is left languishing in matured child trust funds as has been withdrawn – hundreds of millions of pounds were left unclaimed just seven months after the accounts started maturing. It means the sums sitting neglected in child trust funds aren’t just a missed opportunity to make more of your money – a huge chunk of it could end up as money down the drain.

‘There’s a good...