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)
A child is eligible for a CTF if they were born between 01/09/2002 and 03/01/2011 and have been looked after for a continuous period of 12 months or more. The Share Foundation manages the account for the child until they leave care or reach 18.
DFE Guidance: Child Trust Fund and Looked after Children
Junior Individual Saving Account (ISA)
The Junior ISA is for children who do not qualify for a CTF and who have been in care continuously for one year or more. The Share Foundation manages the account for the child until the child leaves care or reaches 18.
If the young person becomes eligible just before their 18th birthday, the Share Foundation will send them a cheque for £200 rather than open an account for them.
DFE Guidance: Junior Individual Saving Accounts for Looked After Children
Foster Carers can add to the CTF and Junior ISA via the Share Foundation website
For more information about savings accounts please contact your child's social worker.