Savings for a foster child?

wootters_2

Hi, are there any Foster Carers on here that have opened a savings account for a Foster Child? If so, what happens when the child is moved on? (We are short-term Foster Carers).

atush

What a good question. As the legal guardians I am going to assume you can open one and fill out the tax forms, but I am guessing you'd have to sign it over to the next one. Ask the social worker?

In any case, some foster parents would NEVER consider doing this, so good on you.

xylophone

https://www.gov.uk/government/publications/junior-individual-saving-accounts-for-looked-after-children

Does the child have a CTF/JISA?

What guidance does the Local Authority give to foster carers in respect of savings for foster children?

wootters_2

I was told by a Social Worker that the child has to have been 'looked after' for a year before they qualify for the Junior ISA, (only 4 months so far) and he's not likely to be with us much longer. I know I can open an account for him, but so far all the indications are that it will have to be closed when he moves on - it can't be transferred to the next "parent". The Junior ISA would be good as ANYONE can pay into that - it's always in the child's name, and only he can take it out, at age 18 (though personally I have reservations about that too, it could just as easily be spent on drugs as put towards a university education).

The Local Authority simply states that Foster Carer's are required to save on the child's behalf if the child is too young to allocate a portion of his 'pocket money' himself, which he is. So, I guess I'll just put it in a jam jar......

libbyc3

don't know how old your child is - we always have over 11's - so we open 2 accounts for them - one for pocket money they have access to and one for savings they know no amount of begging will get them access to - at that age they don't need a 'parent' to hold the account.

I would set the savings aside in your account and tell the SW - then when placement ends give a cheque to be paid into the JISA - and they don't have to be in care for a year to get one of those - the SW needs to get on it!!

colsten

wootters wrote: »

I was told by a Social Worker that the child has to have been 'looked after' for a year before they qualify for the Junior ISA, (only 4 months so far) and he's not likely to be with us much longer.

Does he go back to his natural parents after he leaves you? The "looked after" period is the total period, not the time with given foster parents.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/273823/junior_isa_for_looked_after_children_la_guidance_final_website_version.pdf

anoncol

What a great question!!!!!

wootters_2

He's only 2 and a half - and is almost certainly going back to a member of his extended family (but not his parents). He has only been 'looked after' for a total of 4 months. I guess I just want any money to go with him. I'll get on to his SW about the JISA. Thanks for your replies.

xylophone

I'll get on to his SW about the JISA.

Have you read the information in the link in my previous post? ( Statutory Guidance for Local Authorities on JISA for Looked After Children).

wootters_2

Yes, I did read your link thanks Xylophone, I also forwarded it to his SW, so I'll see what she has to say about it!