A savings account for fostered children

1st June 2022

We've made some changes to our young saver account which means children in foster care can now apply for the account.

In partnership with Stockport Metropolitan Borough Council, we're happy to offer our Young Saver account to local children in foster care. This means instead of a valid ID and proof of address, we can use a signed letter from Stockport Metropolitan Borough Council and a valid birth certificate, which can be attained through your social worker, to open an account.

Currently, foster accounts are only available for young people fostered through Stockport Metropolitan Borough Council. We're currently looking at building relationships with other councils. 

Tanasè Rivers, Head of Marketing, Brand and Culture at the Society:

“Vernon is really proud to have worked with Stockport Council to come up with this solution for foster children.

“Financial education is hugely important, and no child should be excluded from learning how to manage their money effectively.

“We’ve worked together to review the documentation that can be obtained for these children and adapted our usual ID and verification requirements to enable foster children to open an account with the Society.”

Cllr Wendy Meikle, Deputy Leader of the Council and Cabinet Member for Education, Children & Families:

“Our children need stability and that includes financial security. That’s difficult when they don’t always have the necessary documents to open savings accounts and learn about money management.

“The support the Vernon has given to our local children to make this possible is fantastic and we’re delighted to have worked with them. They have opened the door to foster children to help them learn to budget and plan their financial future.”

Young Saver Easy Access 1.50% AER*

Exclusively available for under 18's, within a 25-mile radius of Stockport. Here to help with healthy saving habits from a young age.

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. T&Cs apply.