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Junior Cash ISA

Junior ISA (Cash) - Summary Box

Account NameJunior ISA (Cash)
What is the interest rate?

2.00% Tax-Free*/AER**

Interest is added to the account annually on 5 April.

Can the Society change the interest rate?

The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.

We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Based on the current rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1,020.00.

This figure is only an estimate, based on there being no additional deposits, withdrawals or rate changes in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances.

How do I open and manage my account?

Available to children under the age of 18 who do not hold a Child Trust Fund and who are resident in postcode areas IP, NR, CO, CM, CB and PE only, unless the child or Registered Contact is an existing member. You can open the account with any amount from £10 to the maximum Cash Junior ISA subscription limit for this tax year.

Please speak to a member of staff or refer to our website for the current limits.

A tax year runs from 6 April to 5 April. Remember, you can only put money into one Cash Junior  ISA and one Stocks and Shares Junior ISA up to the maximum annual limit across both accounts. The account will be opened in the name of the child but will be operated by the Registered Contact. The Registered Contact is the person with parental responsibility and will receive all correspondence. You can check your eligibility in our Junior Cash ISA Key Facts Document. At 16, the child can take responsibility for the account without the Registered Contact's consent, however this won’t automatically happen unless we are specifically asked by the child to transfer responsibility.

A statement detailing all transactions will be sent annually, soon after the interest is added.

Can I withdraw money?

No withdrawals are allowed until the child reaches 18. At this point they will need to provide us with identification before a withdrawal can take place.

Can I transfer out to a new ISA Manager?
Yes. If you want to transfer to a new Junior ISA Manager you will need to contact your chosen provider to start the transfer process. We will transfer your Junior ISA or part of
your Junior ISA to the new ISA manager within 5 business days of receiving your instructions.

What happens when the child reaches 18?
At age 18 your child's Junior ISA will automatically be transferred into an appropriate adult ISA with the Society for them to use in whatever way they choose. They will have full access to their savings on receipt of a sample signature and proof of identification.
They can also decide whether they want to continue saving into their adult ISA. Any monies paid into the Junior ISA in the tax year they become 18 won’t count towards the subscription limit for the adult ISA in that tax year. We will write to the Registered Contact prior to the child's 18th birthday to tell you about this process.

Additional Information

This is a summary of the key features of this account. You will still need to read the Terms and Conditions.

Tax-Free* - Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax

**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.

View previous rates
BalanceVariable Interest Previous AERVariable Interest Previous Gross
£10+ 1.80% TAX FREE 1.80% TAX FREE

I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form

Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.

More information and applyDownload
Investment Application Form and FSCS Information Sheet
Download the investment application form
Junior ISA Keyfacts Download the investment application form
Junior Cash ISA - terms and conditions
Download the investment application form

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