Why there could be £1,000 in a bank account set up for your child - and how to check

Is there 1,000 waiting in your child's name?
Is there 1,000 waiting in your child's name?
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Calling all Yorkshire parents: there could be £1,000 sat inside a bank account with your child's name on it.

Do you have a child aged between seven and 15?

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If so, then they be a lot wealthier than you think. Those born between September 1, 2002 and January 2, 2011 could have up to £1,000 in a Child Trust Fund from the Government.

Labour introduced the fund when it was last in power to give children £250 when they were born and a further £250 when they turned seven.

'Low income' families also received double payments from the Government, which means they could have £1,000 stashed away in their child’s name.

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Even if parents have never opened a Child Trust Fund account, the Government would have done it on the child’s behalf and placed the money in.

Keen to find out more? Here's the link to the child trust fund search site.

You will need your Government Gateway credentials to sign in but there are options available for those who have forgotten or do not have user ID or passwords.

Revenue and Customs will respond to claims within 15 days, plus time for postage. Once parents have access to their money, they can transfer it across to a junior ISA.

The money must be transferred across from the trust fund to the junior ISA account.