Your children could have up to £1,000 sitting in a bank account you may never have heard of.

And it's thanks to an old government scheme introduced during the last Labour administration.

Tony Blair's government set up the Child Trust Fund account which gifted parents £250 to put away for their child. Another £250 was awarded on the child's seventh birthday, reports the Nottingham Post .

Kids from deprived backgrounds were eligible for double payments so as much as £1,000 could be gathering dust in a virtual vault somewhere.

A child on the way to childcare, schools, stock

Children born between 2002 and 2010 qualified for the scheme and if you didn't set up an account, the then government may have done it for you.

If your son or daughter has a Child Trust Fund account you can transfer the cash into a junior ISA for a better interest rate.

How do I recover my kid's Child Trust Fund?

First, check your child has one. They must have been born between September 1, 2002, and January 2, 2011, and you must have been eligible for child benefit.

Then, go here and search. You will need your Government Gateway credentials to log in, which you will receive when you create an HMRC online account.

You'll need to add your contact details and your child's details.

Then what happens?

HMRC will get back to you, usually within 15 days.

How do I move the money into a junior ISA?

Find a junior ISA. Ask the junior ISA provider if they will accept Child Trust Fund transfers and whether you have to pay a fee.

Share the details of the Child Trust fund with the junior ISA provider so they can make the transfer.