Care leavers - financial support
When you are in care, you should have a savings account. This should contain savings made by both:
- you
- your carer
It is important when you have left care to try and continue to save:
- in case of emergencies
- for special treats
If you do not have a bank account, your social worker can advise and support you to get one set up.
A bank account is important to have not only for savings, but as a place to receive any:
- wages
- benefits
- additional financial support you receive from us
Opening a bank account
Your Social Worker / Personal Advisor will support you to visit a bank of your choice. They will tell them you want to open an ordinary account. If you are a student, ask the bank if you can open a Student Account.
The bank will require both:
- proof of I.D
- your address
You may have to give them a small amount of money to put into the account. If you are successful, in a few days they will send you a cheque/deposit book. This depends on whether it is a savings account or current account.
Following this you will get regular statements telling you how your account is doing.
A statement includes information such as:
- money that has gone into your account
- money that has come out of your account
- how much money is in your account (bank balance)
Cash Card
A cash card can be used at any cash point machine in the country. It can be used to:
- get money out
- print a bank statement
- see how much money is in your account on screen
With a cash card you will also receive a PIN (personal identification number). This will allow only you to get details from your account even when the bank is closed.
Bank card/debit card
This card will allow you to go shopping or pay bills without withdrawing your cash.
It also acts as cheque guarantee card. This will guarantee the receiver payment up to £50.
If you spend more than you have in your bank and are 'overdrawn' then you will have to pay back the money to the bank. If this occurs, you will have to pay an extra charge up to £30.
Problems budgeting
It is not unusual for young people to experience problems managing their money. If you are experiencing problems with budgeting your money you can be referred to organisations such as Citizens Advice Bureau. They help to address these issues. To find out more, please speak to your Social Worker or Personal Advisor.
The Leaving Care Team run:
- regular money management and budgeting courses - these are held throughout the year
- daily drop in sessions so that you can speak to someone when needed
To access this support, please speak to your Social Worker or Personal Advisor.
Junior ISA
If you were in care for more than 12 months, you should also have some long-term savings £200. These will have been invested into either a:
- Junior ISA
- Child Trust Fund
When you turn 18, these accounts will become:
- Adult ISAs
- Adult Trust Funds
You will then be able to access this money. Your social worker will be able to give you:
- information about the money in your account
- advice on how to access this money
You can earn yourself an extra £1,500 in your Junior ISA or Child Trust Fund by taking the share found 6-step 'stepladder plus' course.
Once you reach age 18 and the Share Foundation will transfer it over to you.
If you need more guidance, you can access it on their website or speak to your Personal Advisor.