Savings Accounts for Children in Care
Every Child in Care should have a savings account and two options are currently available which parent’s and carers can contribute to:
Child Trust Funds (CTF)
These were setup by the government in 2001 resulting in all children born on or after 1st September 2002 receiving money (£250 or £500 depending on the parents financial circumstances) that was then put into an account which is held for them until they reach 18 years of age.
The CTFs were then ‘topped up’ by the same amount again by the government when a child reached the age of seven.
Relatives and friends can pay extra money into the CTF, to a maximum of £1,200 a year.
CTF accounts for Children in Care are held by the Official Solicitor.
Child Trust Fund and Looked after Children (DfE Feb 2014)
In 2011 the government asked Share Foundation to administer Junior ISAs for Children in Care and to ensure that they are getting the best interest/value.
The Junior ISA is only for children who do not qualify for a CTF and who have been in care continuously for one year.
Foster Carers can add to the ISA via the Share Foundation website
The young person will be able to access their account when they reach 18.
Junior Individual Saving Accounts for Looked After Children (DfE Oct 2012)
For more information about savings accounts please contact your child’s social worker.