Care Leavers - Accommodation

Care leavers - financial support

When you are in care, you should have a savings account, with savings you and your carer have made. It is important when you have left care to try and continue to save in case of emergencies or 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 not only important to have for savings, but also to pay your wages or benefits into and potentially any 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 and tell them you want to open an ordinary account. If you are a student, ask the bank if you can open a Student Account. They will require proof of I.D and 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 depending on whether it is a savings account or current account. Following this you will get regular statements telling you how your account is doing e.g. money in and money out of your account telling you the balance.

Cash Card

With a cash card you can draw money, print a statement or just get a total of how much money you have left in your account from any cash point machine all over the country. With a cash card you will also receive a PIN (personal identification number) to 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 drawing your cash. It also acts as cheque guarantee card, which 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 and on top of this an extra charge which can be as much as £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 for help in addressing these issues, please speak to your Social Worker / Personal Advisor.

The Leaving Care Team run regular money management and budgeting courses throughout the year to support you. We also have daily drop in sessions so that you can always be able to speak to someone when you need this support. Please speak to your Social Worker / 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 a Junior ISA or a Child Trust Fund. When you become 18 years of age these accounts will become Adult ISAs or Adult Trust Funds and you will be able to access this money. Your social worker will be able to give you information about the money in your account and 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 at www.sharefound.org Once you reach age 18 and the Share Foundation who currently manages the ISA will transfer it over to you. If you need more guidance you can access it on the share found website or speak to your Personal Advisor.

Contact Leaving Care

Telephone: 01702 212087

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