Young Ukrainians can receive thousands of pounds: how to find 'forgotten' accounts.

According to The Sun: Young people may be missing out on thousands of pounds in 'forgotten' bank accounts.

According to new government data, around 758,000 young people have not claimed money that was saved in child trust funds.

The average amount of unclaimed funds is approximately £1,980.

There are also 27,000 unclaimed child trust accounts worth over £10,000.

An additional 280,000 accounts have more than £1,000, while 57,000 accounts exceed £5,000.

The government is urging everyone aged 18 to 23 to check for potentially lost accounts.

It is said that hundreds of thousands of young people could have money saved away without even knowing it.

In fact, £1.5 billion of dormant funds are waiting for their owners in child trust accounts.

Child trust funds are tax-free accounts set up for children born between September 1, 2002 and January 2, 2011.

The child trust fund scheme closed in 2011, but young people can still access the funds in their accounts.

When the account becomes accessible

A child can take control of the account when they turn 16. The account becomes valid when the child reaches 18, and they can choose whether to withdraw the money or reinvest it.

When opening the accounts, the government provided parents with an initial deposit of about £250.

This means that taking interest or capital growth into account, the accounts could now be worth much more.

'Many of the lost CTFs occur because parents and children are not even aware of the existence of the account, do not know which provider has the money, or how to find it.'

'More than a quarter of accounts were opened by the government because parents failed to do so within the 12-month time frame.'

There may also be additional costs if money from your child trust fund is not claimed.

Some providers charge hefty fees for managing accounts, which can erode your savings.

Best interest rates and how to find them

It's best to avoid accounts with low rates, as some may offer very little or even zero return.

However, there are ways to ensure your money works for you. Sun Savers editor Lana Clements explains how to get the best interest rate for your funds.

If you already know who your child trust fund provider is, you can contact them directly.

If you don't know, you can use the government tracking tool.

You will need your national insurance number and date of birth.

If you are a parent filling out the form for a child, provide the child's full name, address, and date of birth.

After submitting the request, you will receive a letter from HMRC with details about your child trust fund provider.

This letter usually arrives within three weeks if you apply online.

If you submit a paper application, it may take longer.

If you do not receive a response within six weeks, contact HMRC.

In your letter, be sure to include your reference number if you have one.

Write to:

Charities, Savings and International 1HMRCBX9 1AU.

Therefore, it is important to be attentive to your finances, even when it comes to 'forgotten' accounts. Checking for funds in child trust funds could be a pleasant surprise for many young people who are not even aware of their savings. Given the substantial sums that may be in the accounts, the government urges not to delay checking them. This provides a chance not only to recover financial resources but also for better financial stability in the future.