Your child could have £1,000 tucked away in a secret bank account you never knew you had
YOUR child could have as much as £1,000 hidden in a bank account you never knew they had.
The Child Trust Fund scheme, which ran from 2002 to 2011, saw every eligible parent given £250 to save for their newborn, along with a further £250 payment on their seventh birthday.
Families on the lowest income received double the amount, meaning there could be £1,000 sitting waiting for some kids.
It was open to parents of children who received child benefits payments.
Money in the account belongs to the child and can not be touched until they turn 18.
The scheme was replaced by a junior ISA and parents are being advised to move their money into it - in order to receive better interest rates.
You will need your Government Gateway credentials to log in, which you will receive when you create an HMRC online account.
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You'll need to add your contact details and your child's details and HMRC will get back to you, usually within 15 days
If you're wanting to move the cash to get a better interest rate then you first need to find a junior ISA.
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You can then ask the junior ISA provider if they will accept Child Trust Fund transfers and whether you have to pay a fee.
Parents are being encouraged to get saving for children from an early age.
In the past, The Sun Online has revealed how a child could have as a very healthy pot of money - as much as £1million - in the bank if parents save from £60 per week.
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