More than 670,000 young people could be owed thousands from huge money pot they don't know exists

More than 670,000 young people could be missing out on a mega amount of cash and they haven’t even realised.

Yep, while the rest of us are preparing to be tighter with our cash as winter approaches by looking out for ‘vampire appliances’, 18-22 year olds could see money coming into their accounts.

That’s because a report from HM Revenue and Customs (HMRC) has urged young people to claim their Child Trust Fund. It’s revealed that the average savings pot in the UK is worth a hefty £2,212.

Now that’s a decent wad of cash to come into if you didn’t even know it existed.

Child Trust Funds are basically long-term, tax-free savings accounts that were set up for every child born between 1 September 2002 and 2 January 2011.

You could have thousands sitting in your account. (Getty Stock)

And here’s the best bit, the government deposited in £250 into every single one.

Young people then get to take control of their Child Trust Funds once they hit 16 and can withdraw funds once they turn 18 and ‘the account matures’.

While it’s a government thing, the savings aren’t held by them but are held in banks, building societies or other saving providers and the money will stay in them until it’s withdrawn or re-invested.

If the realisation has just hit you that you’ve got one of these and you or your parents and guardians know who your provider is, then you can contact them directly.

But if you don’t know where your account is, use the online tool on GOV.UK to find out your Child Trust Fund provider.

You’ll also need your National Insurance and date of birth to access the information.

HMRC has urged people to check. (Getty Stock)

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.

“You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”

Gavin Oldham from The Share Foundation said: “If you are 18-21 years old, the government would have put money aside for you shortly after birth.

"This investment would have grown quite a bit and it’s in your name. The Share Foundation has linked over 65,000 young people to their Child Trust Fund accounts. It’s easy and free to find out where your money is. Go to findCTF.sharefound.org or GOV.UK to locate it today”.

Well, if this applies to you, get checking!