The Share Foundation runs the Child Trust Fund and Junior ISA schemes for children and young people in care in England and Wales on behalf of the Department for Education. Their role is to open the Junior ISA account and make sure it is being run properly. The local authority is required to provide The Share Foundation with the necessary information for all children eligible for an account to be opened.
They offer lots of support; including guidance on how to manage money, how to manage the junior ISA and how to continue to build the Junior ISA account until the young person turns 18. They can also help any young person aged 16 or over to find their Child Trust Fund.
There can only be one account set up per child:
- Will have a Child Trust Fund set up on their behalf.
- If you are 16+, born within this period and do not know the details of your Child Trust Fund, there is a form for young people to complete on The Share Foundation website.
- Will have a Junior ISA set up by The Share Foundation
- The Share Foundation send information, including the balance of the account to the local authority.
Both accounts are managed by The Share Foundation until the child turns 16 when young people can then manage the account themselves and will be able to withdraw money when they turn 18. There is information on The Share Foundation website about how to access accounts as an adult care leaver, if not already accessed.
Useful information leaflets for young people aged 11-18 on The Share Foundation website, can be found here.