The Martin Lewis tip that could leave millions £2,000 richer --[Reported by Umva mag]

Good news for 13-22-year-olds, as Martin Lewis has said they may have thousands of pounds they don’t even know about it a Child Trust Fund.

The money saving expert has said around 670,000 people aged between 18 and 22 have untouched Child Trust Funds – with an average balance of £2,212.

The savings accounts which are tax free were designed for children born between September 1, 2002 and January 2, 2011.

In a video posted on social media, Martin said: ‘This is an important warning for anybody aged 22 and under.

‘You may have £2,000 in a Child Trust Fund that you don’t know about, and you can get the money out for free.’

But he cautioned to avoid companies who offer to access the funds for accounts holders for a fee.

He added: ‘I’ve started to see adverts and videos on social media from firms trying to charge you to access your own money, or trying to get a cut of your savings to give you your money.

‘Don’t touch them, don’t sniff them, son’t smell them, don’t go near them.’

Martin insisted claiming the funds is a straightforward process which can be done without any help.

An online tool is available on Gov.UK to help find which bank holds the account.

Under the Child Trust Fund scheme, accounts could be opened with a £250 government deposit.

Parents would then contribute up to £9,000 per year into the accounts, without being taxed on the funds.

The scheme closed in 2011, but many of the accounts remain unclaimed.

Young people can take control of the accounts once they reach the age of 16, and withdraw the money when they turn 18.

Martin said: ‘Your parents could put money in it but everyone was also given a sum by the State to start it off.

‘Normally, £250 but in some cases £500. You can take the money out of your Child Trust Fund, although in some cases, if you were active with it, you can convert it into what’s called a Junior Isa too.

‘You can take the money out of it and access the cash when you’re aged 18, which many of you now are.’

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