Thousands of teenagers across the Bristol area could be handed a surprise windfall in September.
That's because the first tranche of Child Trust Funds set up by savvy parents almost two decades ago will mature - meaning the youngsters will be able to withdrew the money.
CTFs were introduced in 2002 to encourage parents to save for their kids' future.
And low income families were offered vouchers to help them get started.
Around 463,000 accounts were set up in the South West and approximately 4.5 million nationally. A further 1.8 million were organised by the HMRC where parents or guardians did not open an account.
This means some children do not know they have accounts in their name, so are unaware their money is waiting for them.
From 1 September 2020, the oldest children will turn 18 and be able to access their money. Around 55,000 accounts will mature each month and HMRC has created a simple online tool to help young people find out where their account is held.
If a parent or guardian is unsure of where their child’s CTF account is held they can also use this tool.
For those who do not have the identifying information required to access the tool, HMRC will provide alternative, non-digital routes to finding a CTF provider upon request.
HMRC will send details of the CTF provider by post within three weeks of receiving their request.
Economic Secretary to the Treasury, John Glen, said: “We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18.
“If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.”
CTFs were originally set up for children born between 1st September 2002 and 2nd January 2011, with a live Child Benefit claim.
Parents and guardians received a voucher to deposit in a Child Trust Fund (CTF) account on behalf of the child.
At 16 years, the child can choose to operate their account or have their parent continue to operate it, but they cannot withdraw the funds.
But when they turn 18, the youngster is able to withdraw money from the fund or move it to a different savings account. Over 700,000 accounts will mature each year.
Anyone can pay into the account, with an annual limit of £9,000 and there’s no tax to pay on the CTF savings interest or profit
