The Share Foundation is a registered charity which runs the Junior ISA scheme for looked after children.
The Share Foundation will open a Junior ISA account for you. It will use an initial contribution of £200 from the government. Opening an account will provide you with some money, so you have a good start to adult life. Anyone can make contributions to a Junior ISA. If you have any family or other friends, they can contribute at any time. For example, they could put some money in the account as a birthday gift for you.
When can the money be taken out?
You cannot take money out of the account until you are 18-years-old. Once you turn 18, you can get the funds and decide how to use the money. Before you turn 18, you will receive details of the Junior ISA and the process you need to follow to take control of your account.
You can decide from the following options:
- Withdraw the funds and close the account
- Withdraw funds from the account and leave the account open as an Adult ISA
- Leave the account open as an Adult ISA
You can decide how they use the money. If you leave care before you are 18, arrangements will be made for the adult responsible for you to be the recognised contact with the Junior ISA provider. The Junior ISA can still only be accessed by you when you are 18.