The Cosmic Watchdog

A woman was stunned to find nearly £1,000 in a long-forgotten savings account.

Latonya Skye-Paterson, 20, is among the many young adults unaware they had money invested in a Child Trust Fund.

Child Trust Funds are long-term, tax-free savings accounts that were set up for children born between September 1, 2002, and January 2, 2011, with an initial £250 (or £500 for low-income families) contributed by the Government.

The accounts are not held by the Government but by banks, building societies, or other savings providers. The funds remain in the accounts until they are withdrawn or reinvested.

Account holders can take control of their funds at 16 and withdraw the money once they turn 18. New figures suggest £1.4billion belonging to 728,000 people is ready to be claimed, according to The Share Foundation, a charity which helps people track down lost and unclaimed funds.

Ms Skye-Paterson told the BBC she only thought about checking for a Child Trust Fund after her college tutor suggested she might have one.

She said: “I found I had £955 in there, which is a lot. A lot more than I was expecting… it helped me so much.”

The Government provides a free search service for people to locate lost pots if they think they may have been eligible.

You can search the “Find your Child Trust Fund” tool on GOV.UK to do this.

People can also ask HM Revenue and Customs (HMRC) to help them find their Child Trust Fund. The claimant’s National Insurance number will be needed to assist with the search.

It must be stressed that locating these funds is free. Savers do not need to pay third-party agents, who may charge fees of up to £350 or 25% of the account’s value.

Those who already know their Child Trust Fund provider can contact the provider directly, which HMRC says is the quickest option.