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As a young person in care you will probably have to deal with many things earlier than other young people, like managing your own money. The good news is that the government has created a savings account just for young people in care - it's called a Junior ISA*.
It's your savings
That's right, the Junior ISA is a savings account just for you. The government has £200 put into a Junior ISA for all young people who have been in care for over 12 months. And that money is there now in your very own account.
Who's looking after my savings?
The Share Foundation - a registered charity, has been appointed by the government to set up and manage all the Junior ISAs opened for looked after young people. It's their responsibility to keep an eye on them, and to work with finance experts and local authorities to investigate safe ways to grow the amount of money in the Junior ISAs. They also now manage Child Trust Funds. To find out more visit their website.
Can I add my own money if I want to?
Yes, absolutely, if you've got the cash you can add extra money to your Junior ISA (JISA). In fact friends and families can also add to your JISA too, for example at birthdays or Christmas.
When can I get access to the Junior ISA?
Once you turn 18 that's when you can access the money in your JISA, if you decide that you need the funds to help with perhaps major life changes that you're dealing with.
On the other hand you may choose to leave the money where it is, and let it turn into a regular ISA. It could be good to know that you've got some savings under your belt for later in life. Whatever happens it will be your decision, and you'll be able to get financial advice.
Help with managing your money
Young Money (formerly pfeg) - is an organisation that provide a specialist telephone helpline, resources and email service for young people in care and their carers, about managing your money and Junior ISA.
Telephone: 0845 241 0925
Have a look at these free workbooks to help you handle your money
*Junior Individual Savings Accounts
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