Junior ISA (Cash) - Summary Box
|Account Name||Junior ISA (Cash)|
|What is the interest rate?||
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?
What happens when the child reaches 18?
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
|Balance||Variable Interest Previous AER||Variable 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.
Investment Application Form and FSCS Information Sheet (Junior ISA (Cash))
|Junior ISA Keyfacts|