Tens of thousands of pounds could be waiting for teenagers who have not yet claimed their 'Matured Child Trust Fund' according to HMRC.
These Child Trust Funds are long-term savings accounts set up for every child born between September 1, 2002, and January 2, 2011.
These were made to help and encourage young people to save money, with the Government providing an initial deposit of at least £250.
HM Revenue and Customs say that these accounts 'mature' when the recipient turns 18, giving them access to the savings.
On average, these accounts are worth around £2,100 and may be a great help to young people entering the workforce or continuing their education.
Many teenagers are yet to claim their savings
The Matured Child Trust Fund, which was replaced by the Junior Individual Savings Accounts (ISA) in 2011, is yet to be claimed by many teenagers across the country.
HMRC's Second Permanent Secretary and Deputy Chief Executive, Angela MacDonald urged teenagers to claim their money, saying: "Teenagers could have a pot of money waiting for them worth thousands of pounds and not even realise it. We want to help you access your savings and the money you’re entitled to."
READ MORE: Cost of living: Everything to know as energy price cap rises today
READ MORE: Energy price cap rise: Will pensioners get help with energy bills?
How many Child Trust Funds were set up?
HMRC estimates that around 6.3 million Child Trust Fund accounts were set up over the near decade the scheme was in operation.
Collectively, these accounts could be worth around £9 billion.
How do I access my Child Trust Fund?
Those that turn 16 can request that the account is turned over to them but can only withdraw money once 18 or older.
If a parent or guardian already knows who their Child Trust Fund is with, they can contact the bank or building society.
Alternatively, people can find out more information on GOV.UK.
Can I still pay into my Child's Trust Fund
Families can still pay in up to £9000 a year untaxed. However, when the account matures, no more money can be deposited.
The money then must be transferred or removed from the account.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here