Junior Cash ISA

Junior Cash ISA (JISA)

3.75% Tax-Free/AER*

Interest is calculated daily and added to the account annually on the 31^st March.

Yes, the rate is variable. That means we can move it, up or down.

Section 10 of our ‘Terms and Conditions for Savers’ explains when we can do this, and how we’ll let you know.

£1,037.50

This projection is provided for illustration only and does not consider individual circumstances. This assumes an initial deposit of £1,000, no further deposits or withdrawals being made over a 365-day period starting from the 1^st April, and that the interest rate does not change.

Who is eligible?

This account is only available to UK residents aged 17 or below.

It is not available to Child Trust Fund holders.

How do I open an account?

For under 16s, the account must be opened by someone with parental responsibility. For those aged 16 or 17 the young person may choose to open it themselves.

It can be opened in branch or by downloading an application form from our website and emailing or posting it to us. If you are transferring an existing JISA to us, you need to fully complete the transfer authority part of the application form.

What are the account limits?

A minimum deposit of £1 is required to open the account. You can pay in up to £9,000 in each tax year (the JISA subscription limit). Transfers from another Cash JISA do not count towards this limit. However, the existing Cash JISA must be transferred in full, as a child can only hold one Cash JISA at a time.

Money paid into this account is a gift to the child and cannot be repaid if the person gifting changes their mind.

Deposits can be made in branch by cash/cheque, or by standing order or online banking.

We do not accept transfers from Stocks & Shares JISAs, or Child Trust Funds

How do I manage the account?

The account can be managed in branch, or by post/email.

When the child turns 16, they can choose to manage their JISA themselves, however, they can only access the funds once they turn 18.

When the child turns 18, the account will automatically transfer to an Easy Access Cash ISA account, and any adult signatory will be removed.

Withdrawals from the account are not permitted. Any money deposited will be inaccessible until the child turns 18.

The balance can be transferred, in full, to another provider’s JISA. To do this, the account would need to be opened with them and they will request the funds from us.

Important to know

Up to £9,000 can be saved each tax year. This can be split between a Cash JISA and a Stocks and Shares JISA - but the child can only have one of each type.

We only offer Cash JISAs.

ISA savings and interest are tax exempt. The tax treatment of ISAs may be subject to future changes by Government and HM Revenue and Customs.

The information contained in this summary box forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers. Section B contains specific Additional Conditions which relate to Cash ISA products.

*Interest rate terms explained:

AER

(Annual Equivalent Rate) differs from the Gross annual interest rate if interest is paid more than once a year. If interest is added to the account, it also earns interest, and the AER reflects this by showing the rate as if interest were paid annually.

Tax-Free

This means you do not pay income tax on the interest.