Long term savings - Junior ISA

The government has arranged for you, as a young person in care, to have some long-term savings. This will be either a Junior ISA or a Child Trust Fund.

If you were born before 1 September 2002 or after 2 January 2011, a special savings accounts called a Junior ISA will be opened for you with £200. You cannot take the money out until you are 18.

A charity called Sharefound is in charge of opening the account for you and make sure it is run properly. They keep us informed about your account.

If you want to know how much money there is in your account or you want to save your own money into the account, ask your social worker or personal adviser. When you are 16, you can take charge of the account yourself if you want. This means you can decide where to invest the money and change the provider, but you still can't take the money out until your are 18. If you want to do this, ask your social worker or personal adviser.

If you were born between 1 September 2002 and 2 January 2011 you will have a different type of long-term savings called Child Trust Fund. This type of account is managed by a civil servant called the Official Solicitor who will manage the account and contact you directly at least once a year. When you are 16, you will take charge of the account.

More information and advice

Sharefound - information about the Junior ISA

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