Foster carers often face administrative barriers when trying to set up savings accounts for children in their care.
The unique account means that the NFA will be able to hold savings accounts on behalf of all the children and young people placed with its foster carers, by acting as trustees on the accounts.
An account will be opened automatically by the agency at the beginning of a child's placement with a family and will be funded by weekly deposits, automatically deducted from foster carers' allowances.
The NFA asked the bank to help it develop a new account in response to concerns raised by their foster carers, who were struggling to open and manage savings accounts for children.
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