Financial experts are urging people to be wary of companies offering to track down savings accounts as it could leave them out of pocket. People are being warned to avoid paying hundreds of pounds for a service that is available at no cost.

More than 670,000 young people have untapped savings ready to be reclaimed. These funds stem from the Government's Child Trust Funds, which were long-term, tax-free savings schemes handed out to children born between 1st September 2002 and 2nd January 2011.

HM Revenue and Customs say the average payout stands at about £2,212. When a youngster reaches 18, they can access these funds by simply getting in touch with the fund provider.

In cases where the provider's identity is unknown, they can find the necessary information from HM Revenue and Customs. However some companies are offering carry out the checks and locate the provider - but they will take a proportion of the money in return for finding it.

The warning follows an Advertising Standards Authority (ASA) ruling which banned three TikTok adverts by one company. The firm promoted the service with an advert which told consumers they had "nothing to lose", yet neglected to disclose that they would impose a fee as steep as £420, reports .

Aaron Peake, the Personal Finance Expert at CredAbility, raised the warning, stating: "It's outrageous that some firms are charging young people hundreds of pounds to access their own money. These Child Trust Funds were set up to give young people a financial head start, not to create a payday for middlemen."

Highlighting the potential value hidden in Child Trust Funds he said: "Around six million Child Trust Funds were opened for children born between 1 September 2002 and 2 January 2011, with most getting a government voucher of £250 or £500. Parents could top it up too, so there could be a decent amount waiting.

"Reclaiming your fund is completely free and only takes a few minutes through the government website. We've seen ads making the free tool look confusing, when really all you need is your date of birth and National Insurance number. Once you know your provider, you can access the cash, move it into a savings account, or transfer it into a Lifetime ISA."

The warning follows the ASA ruling which was prompted by a complaint by Martin Lewis' Money Saving Expert. They objected to a TikTok post and website advertising services from financial claims firm Turner Lewis.

The Turner Lewis post on TikTok told consumers: "If you haven't claimed yet then don't worry, because we've got your back. Just click the link below to begin your process of locating your Child Trust Fund and, guess what? It's a no-win, no-fee basis, meaning you've got nothing to lose..."

There was a link which then sent the viewer to a page where they could give permission to the company to locate the trust fund and give the "necessary support to access it". Underneath was a box for a signature.

On its website it did say: "Find Your Child Trust Fund With Turner Lewis [...] we offer expert services to help you locate your Child Trust Fund on a no win, no fee basis. Our fee is 25% plus VAT of the total amount in the account".

In smaller text directly below it did say: "Please be aware that you also have the option to locate your Child Trust Fund for free directly through HMRC. However, our dedicated team has successfully assisted thousands of clients, providing a comprehensive walkthrough, results and peace of mind".

Money Saving Expert questioned whether the claim "you've got nothing to lose" in the ad (a) was misleading because Turner Lewis charged for their services, despite consumers being able to trace Child Trust Funds for free using a HMRC tool. The ASA also challenged both ads on whether they misled consumers about the nature of the advertised service, potentially deterring consumers from going down the free claim route and were misleading, because they failed to make clear significant qualifications regarding a cancellation fee and the cooling-off period for Turner Lewis's services.

Turner Lewis Ltd said that the term "you've got nothing to lose" was intended to highlight that their service was offered on a "no win, no fee" basis. If they did not locate a client's Child Trust Fund (CTF), no charge would be levied, so clients would be no worse off than if they hadn't engaged their services.

They also said they did not believe the adverts implied their service would be free. They said they were open and transparent about their services, through their ads, website, and terms and conditions.

All three complaints were upheld. The firm was told the adverts must not appear in the same form again and they must ensure it did not mislead consumers.