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Junior ISA if you are in care
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 government has created a savings account just for young people in care - it's called a Junior ISA*.
What is a Junior ISA?
The Junior ISA is a savings account just for you. The government puts £200 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 ShareFound is a registered charity, 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 the ShareFound 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. In fact friends and families can also add to your ISA 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 Junior ISA, 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.
Help with managing your money
The Young Enterprize website (formerly known as 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. Visit Young-enterprise.org.uk, or phone 0845 241 0925, email: firstname.lastname@example.org
*Junior Individual Savings Accounts