Thousands of Welsh teenagers will be the first to benefit from a pot of cash next month - and some may not realise they even have one.
Since 2002, more than a quarter of a million Child Trust Funds (CTF) have been opened in Wales for children born between September 1, 2002 and January 2, 2011.
Next month, the oldest savers will turn 18 and will become the first to take over the management of their accounts and withdraw their money if they wish.
However, some don’t even know there are accounts in their name and are totally unaware their money is waiting for them.
It comes after HMRC set up accounts for some children where parents or guardians did not.
How can I find out if I have a Child Trust Fund?
HMRC has just created a simple online tool to help youngsters find out where their account is held.
For more information, visit the official Government website here.
If a parent or guardian is unsure of where their child’s CTF account is held they can also use the online tool.
Information can also be provided upon request for those without access to the internet.
Economic Secretary to the Treasury, John Glen, said: “We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18.
“If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.”
Why were Child Trust Funds set up?
In the UK, around 6.3 million accounts have been opened all together - including around 1.8 million by HMRC.
The accounts were originally set up for children with a live Child Benefit claim.
Parents and guardians received a voucher to deposit in the account on behalf of the child.
Their aim was to encourage positive financial habits and a saving culture among the young account holders.
At the age of 16, the child can choose to operate their account or have their parents continue to operate it, but they cannot withdraw the funds until they are 18.
Do you have to pay tax on the Child Trust Fund?
No. There’s no tax to pay on the CTF savings interest or profit.
And anyone can pay into the account, with an annual limit of £9,000.
What else do I need to know about Child Trust Funds?
HMRC say parents and guardians who adopted a child or were given parental responsibility through a court will be contacted with further information.
Where there is no person with parental responsibility available to manage the CTF, the account is managed on the child’s behalf by a charity – The Share Foundation.
HMRC says the online form provided for customers to trace their CTF requires a level of identity verification that many 16 to 18 year olds will not have.
As a result, it has made changes to allow them to access the form with just their National Insurance number.
