Savings: A summary of how CFC saves for children/young people

Who saves money for each child/young person and how much?

Since 1st April 2020, CFC have been saving £5 per week for all the children/young people in our care.  CFC deducts £5 per week from the allowance part of your carer fee*

*For more information about the allowance see section 2.2 of the Finance Policy for Foster Carers (https://www.proceduresonline.com/communityfostering/files/finance.pdf)

Where do the savings go?

Where a child/young person has a Junior ISA or Child Trust Fund with the Share Foundation (or any another organisation) we will pay this £5 per week directly into that account.  Where no account exists (either because they are not yet eligible, or the local authority haven’t shared the account details with us) we hold onto the savings until an account is available.

How does each child/young person get a savings account?

When a child/young person has been looked after for 12 months, the Government opens a Junior ISA savings account for them with an initial contribution of £200.  The Share Foundation, a registered charity, has been authorised by the Government to set up and manage these accounts for all looked after children.

How often are the savings paid into each account?

CFC keeps an accurate record of the savings building up for each child/young person.  We aim to make a payment into each savings account every 3 months, usually June, September, December and March.

How can you see how much is in a child/young person’s savings account?

Regular Junior ISA valuations are sent to the child/young person’s local authority, and a balance can be obtained from them via the child/young person’s Social Worker. Alternatively, the Local Authority can enable copies of statements to be sent directly to the registered carer.  If you would like to do this, ask the local authority social worker to arrange for The Share Foundation to hold your contact details. There's a letter to download from the website to help them to give permission to arrange this www.sharefound.org/11-14.

Will CFC tell me how much they’ve saved for the child/young person in my care?

Yes, you can ask at any time, and we will aim to provide you with a statement at the end of each financial year.  The statement will include how much CFC have saved over the year and whether it has been paid into the child/young person’s savings account or is being held by CFC.

What happens if/when a child/young person leaves CFCs care or turns 18?

At the end of young persons time with CFC, we will calculate the savings made for that child/young person and pay the money into their savings account, or, if they don’t have one, pay it to the local authority or the new adult with parental responsibility; this will all be discussed, agreed and document with the appropriate social workers. 

At 18, the young person is entitled to access the funds in their account.  The local authority will provide them with a letter with all the details on how to do this. www.sharefound.org/your-age-18 

Much more detailed information about The Share Foundation can be found at  www.sharefound.org