We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

A savings account for foster children

Hi there
Does anyone know of an account I could own for first children who have been in my care? Ideally it would be an account that only the child could access when they are older and I obviously would not have a parent or guardian with me? Id have a lump sum to start and also like to be able to pay deposits in on special occasions.. Im not sure if such a thing exists.. thanks for any advice you can offer...x

Comments

  • george4064
    george4064 Posts: 2,903 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 30 June 2020 at 10:52AM
    I'm no expert around foster children and savings accounts, but I would've thought that if you wanted to open an account in the (foster) child's name then you will need the appropriate papers stating that you have the POA (Power of Attorney) over them.

    Lots of information here on Childrens Savings: https://www.moneysavingexpert.com/savings/child-savings-tax-free/

    You could always check with the specific bank/society you wish to open an account with what their requirements are, the information might even be on their 'FAQs' part of their website.
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • xylophone
    xylophone Posts: 45,426 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 30 June 2020 at 10:54AM
    You could check on whether the children in question have a Junior ISA.
    If so, it would be possible for you to contribute.
    The JISA can be accessed by the child only  when he or she turns 18.
  • mcdevmc
    mcdevmc Posts: 18 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Thank you so much - I shall have a read and contact the bank... 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.