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New Regular Savings policy launches

Regular savings policy for young people in care

We’re introducing a new Regular Savings policy for young people in care aged under 18.

As corporate parents to 812 children who have been placed in our care, we want to give our young the best possible life as adults. So, we’ve set aside £170,000 for the year to save £20 a month for each eligible child.

Currently, children and young people who have been a child in our care for a continuous period of at least 12 months will automatically have either a Junior Individual Savings Account (ISA) or a Child Trust Fund set up in their name. These accounts are managed by The Share Foundation.

From 1 April 2022, Devon County Council is paying an additional £5 a week into The Share Foundation accounts of most of the children and young people in our care – please see our short guide to the Regular Savings policy for exceptions.

Once deposited, this money belongs solely to the child or young person as the named account holder; however, they won’t be able to access their account and make withdrawals until they claim the accounts and are aged 18 or over.

We know that many of you already regularly set aside money for your children and young people – the new Regular Saving policy is in addition to any savings that you wish to make. If you want to discuss the option of consolidating these savings with funds from the Regular Savings policy, carers should speak with your fostering agency, while accommodation providers should talk to Devon County Council. To ensure the consistency and security of funds, we encourage all carers and providers to explore saving through accounts managed by the Share Foundation.

For more information, please see our short guide about the Regular Savings policy