PARENTS have been realising they are potentially sitting on thousands in free cash thanks to a handy Martin Lewis tip.
The 51-year-old revealed the useful tip on his Money Show Live on Tuesday, leaving viewers stunned.
Martin urged parents to make the most of the Child Trust Fund
Martin told parents how to make the most of money for your little ones.
The Money Saving Expert said that mums and dads should transfer their Child Trust Fund savings into a Junior ISA.
Any child between the September 1 2002 and January 2 2011 will have a Child Trust Fund, says Martin.
Martin said: “The state will have added money even if you didn’t.
“Up to a million children have these accounts unknowingly and they are sitting on around £1000.”
The money whizz urged any parents who had a child born in this timeframe to chase up their money.
You can do this by using the gov.uk tool to “trace where the money is”.
Parents can do it for under-18s but children 16 years or older can do it themselves.
A Junior Isa is beneficial as it protects your child paying tax at your savings rate, says Martin.
The money saving pro said: “Even if you have adopted children or have your own if they are between 12 and 21 and you don’t know about the Child Trust Fund go and check it out now.”
Earlier on Tuesday’s show, Martin revealed to viewers the genius way you can get free cash and a Disney+ subscription before Christmas.
The Money Saving Expert said that you could net free cash in time for the festive season by making the most of certain bank-switching deals.
In general, switching usually takes seven working days and closes your old account, says Martin.
Martin also advised those hunting for Christmas presents to “abandon” their shopping baskets.
Martin says that you should log in, add items to your basket and then walk away to net discounts.
Retailers see shoppers’ activity, so many will remind you about your purchase with an email.
He says this can “often” include a discount code to motivate you to buy it.