HMRC issues warning to people with a hidden bank account that they could be missing out on up to £2,200

HMRC has issued a new warning to millions of young people who could be missing out on £2,200 which is being held in a forgotten bank account.

Child Trust Funds are a type of long-term tax-free savings account that was set up for every child born between September 1, 2002 and January 2, 2011.

GettyThousands of young people could be missing out on £2,200 according to HMRC[/caption]

 It is thought that £1.4billion which belongs to 728,000 young people is sitting in Child Trust Funds waiting to be claimed.