Bank accounts
Your social worker will arrange for bank accounts to be set up for you. Your social worker will be the best person to answer questions you may have in relation to the setting up of these accounts.
If you are needing some help with this, you can also speak to your personal assistant (PA), foster carer or keyworker.
There are three different bank accounts.
Current account
A current account is a bank account where you can store and withdraw money. When you open a current account, you are usually assigned:
- an 8 digit account number
- a 6 digit sort code
- a debit card which you can use to access your funds
Child Trust Fund
A Child Trust Fund is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011. The Child Trust Fund scheme closed in 2011. If you did not have Child Trust Fund set up for you, you will have Junior ISA instead.
Some children looked after by local authorities have a Child Trust Fund account set up on their behalf. The Share Foundation acts as the registered contact for these accounts.
How the account is managed
The Share Foundation manages the Child Trust Fund account for the child and will:
- write to the child when they take control of the account
- change the type of Child Trust Fund account and provider if necessary and write to the child to explain why the change was made
- send account statements to the child
They’ll manage the account until:
- the child turns 18
- the child turns 16 and decides to manage the account themselves
- someone takes parental responsibility for the child, for example through adoption
Junior ISA
An ISA is a tax efficient savings or investment account. Your account was first set up as a Junior ISA when you were a child, and it becomes an adult ISA when you turn 18.
If you were in care for more than a year, the account was set up for you so you could receive a payment of £200 from the government to invest for your future. This was done through a charity called The Share Foundation. You can find out more about The Share Foundation at Sharefound.
Once you are over 18 you have control over your money.
Around your 18th birthday you should receive a letter from us to explain the options for your money, you may want to leave your money in there for saving and add to it or you may want to withdraw in. If you want to find out more information see the Interactive Investor website.
Identification for bank account management
You may need identification documents (ID) in order to open or manage your bank account. We can help you to get these. See the ID section on the Allowances and assistance for care leavers page.