This account might be right for you if you:
Our Junior Cash ISA allows savings up to £9,000 per tax year, earning tax-free interest with no withdrawals until they reach the age of 18. Whatever their dreams for the future, the Junior Cash ISA is a great way to save.
From the start of the tax year, which begins on 6 April, they are able to utilise the Junior Cash ISA tax allowance for that year. Further details of the Junior Cash ISA tax allowance applicable at the current time can be found at www.gov.uk/junior-individual-savings-accounts.
Annual interest
4.50% Tax free/AER
We calculate the interest daily and pay it annually on 1 January.
The interest rate on this account is variable, so it can go up or down. If the rate goes down, we’ll write to you around 14 days before the rate changes.
For more details about why we may change the rate as well as how and when we’ll let you know, please see our General Savings Terms and Conditions.
The estimated balance after 12 months would be £1,045.00.
This would be the balance if £1,000 was paid in at the time the account is opened, and no money is taken out or paid in. In this example all interest is paid into the account and no changes are made to the interest rate.
This illustration is just an example to help you compare accounts. It doesn’t take into account any individual circumstances.
Eligibility
How to open and manage your account
How to put money into your account
You may pay in up to your total Junior ISA allowance each tax year. The Junior ISA allowance is set by HM Revenue and Customs.
Anyone can pay money in to the account, for example Grandparents. All money paid in belongs to the child and is treated as a gift.
You can…
How to keep track of your account
This is a no access account. The young saver can only access the money when they reach 18.
However, you can move the money (including the rights and obligations) to another Junior ISA provider at any time with an ISA transfer. If you decide to transfer the money out, you must move all of it. We’ll send your money and required information to your new provider within 5 working days of receiving their request to transfer.
When the young saver turns 18
You can only have one Child Trust Fund or one Junior Cash ISA at any one time.
You have a 14 day cooling off period after you open a Junior Cash ISA. This means that if you change your mind, you have 14 calendar days to close the account without notice, charge or loss of interest. Day 1 starts on the day you open the account.
Interest on Junior ISAs is paid tax-free, without tax deducted.
Annual Equivalent Rate (AER) shows what the interest rate would be if interest is paid and added once a year.
Junior ISAs are a savings scheme initiated by the Government and are subject to change by them. For example, the favourable tax treatment may not be maintained.
If at any point the account fails to meet the Junior ISA rules and becomes void, we’ll notify the registered contact.
This isn’t a payment account.
Accounts can be withdrawn from sale at any time without notice.
You should read these terms and conditions together with our
The interest rate on this account is variable, so it can go up or down. If the rate goes down, we’ll write to you around 14 days before the rate changes.
For more details about why we may change the rate as well as how and when we’ll let you know, please see our General Savings Terms and Conditions to fully understand the details of your account. This includes standard terms and conditions relating to all our savings accounts.
The above rate is effective from 2 September 2024
You can apply for this account either by post or by visiting your local branch.
We're always happy to help you, whatever your query. You can contact us via phone, online enquiry or pop into any of our branches.
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