Hundreds of thousands of young Brits are being urged to check for a hidden savings pot worth more than £2,200.

HM Revenue & Customs (HMRC) says 758,000 Child Trust Fund accounts have yet to be touched, each worth an average £2,242 – leaving an estimated £1.7billion sitting idle. Officials are now stepping up efforts to reunite young adults with the cash, warning many could be unaware the money even exists. Angela MacDonald, HMRC’s Second Permanent Secretary, said: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it.”

Who could be missing out

Anyone born between September 1, 2002 and January 2, 2011 is likely to have a Child Trust Fund if Child Benefit was claimed on their behalf. In many cases, parents were sent a voucher to open the account – but if they didn’t, HMRC opened one automatically, meaning thousands have no idea where their savings are held.

The accounts were designed to give every child a financial boost at adulthood, with at least £250 deposited by the Government at birth.

The ‘forgotten fund’ problem

Young people can take control of their account at 16, but the money only becomes accessible at 18, when the fund matures.

At that point, they can:

• Withdraw the cash
• Move it into an ISA
• Reinvest it elsewhere

Yet many have not done so – often because they don’t know who their provider is or that the account exists at all.

The key things you need to know

HMRC has published a checklist to help young people track down their money and understand their options:

• If you were born between 2002 and 2011, you probably have an account
• Parents may have opened it – or HMRC may have done so for you
• You can take control at 16
• You can access the money at 18
• You can move the funds into an ISA or savings account
• Your provider can explain your options
• Ask your parents first for account details, if they don’t know, use the free GOV.UK locator tool here.
• You’ll need your National Insurance number
• Your money remains safe until you claim it

How to track it down

The Government says it takes just five minutes to submit a request using the official online tool here with most people hearing back in under three weeks.

More than 563,000 searches were made in the past year alone, showing growing awareness – but also highlighting how many accounts are still unclaimed.

Why it matters

Experts say the cash could be a financial boost at a key moment in life – helping with rent, university costs or savings.

Shelley Doorey-Williams, chief executive of the London Foundation for Banking & Finance, said: “With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time.”

Act now or lose track

With the scheme now closed and replaced by Junior ISAs, the focus is on ensuring existing funds reach their owners.