If you have been in care, you may have a Junior ISA (Individual Savings Account) in your name. A Junior ISA is a long-term savings account that has been set up to help looked-after children build savings for the future.
A Junior ISA will be opened for every eligible child who has been looked after for a continuous period of 12 months or more, starting on or after 3 January 2011, and who is not eligible for a Child Trust Fund.
Your Personal Adviser can help you find out whether you have a Junior ISA and support you to access it when you become eligible.
What is a Junior ISA?
A Junior ISA is a tax-free savings account for children and young people.
For eligible looked-after children, the Government pays an initial £200 contribution into the account, and additional payments can be made over time.
The money belongs to you, but it cannot normally be withdrawn until you turn 18.
What happens when I turn 18?
When you turn 18, your Junior ISA becomes an adult ISA.
At this point you can choose to:
- keep the money in the ISA
- transfer it to another ISA
- withdraw some or all of the funds
If you do not make a decision, the account will automatically become an adult ISA in your name.
Can I access my account before I turn 18?
You cannot withdraw money from a Junior ISA before your 18th birthday.
However, from the age of 16, you are entitled to take control of the account and make decisions about how it is managed.
Take control of your Child Trust Fund
If you would like support with this, speak to your Personal Adviser.
How do I access my account?
The Share Foundation can help you find your Child Trust Fund or Junior ISA and understand how to access it.
Your Personal Adviser can also help you contact The Share Foundation and access the information you need.
How can I find out how much money is in my account?
The council receives regular updates about Junior ISA accounts held by eligible young people.
If you would like to know your latest balance, speak to your Personal Adviser who can help obtain this information.
When you turn 18, a final valuation will be sent, and this is when you will need to take on the responsibility of managing your own account.