A savings account for foster children

mcdevmc

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

george4064

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.

xylophone

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

Thank you so much - I shall have a read and contact the bank...