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Stockport’s mutual, Vernon Building Society, has updated its Young Saver account to make it available to local foster children.
The Society has worked with Stockport Council to make the change after carers highlighted the difficulty in opening savings accounts for their foster children. This is because they often lack the ID and documentation that banks and building societies need to open an account.
Vernon’s Young Saver account is now open to all children in foster care with Stockport Metropolitan Borough Council, including those who don’t have the usual ID documentation.
Savers under 18 can get instant access to their savings from a branch or (if they’re the account’s signatory) through online banking. Those living within a 25-mile radius of Stockport can open an account with as little as £10 and will earn interest of 1.5% AER*.
Tanasè Rivers, Head of Marketing, Brand and Culture at the Society, said:
“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, added:
“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.”