Junior Cash ISA

• 4.15% AER / Tax-Free * Annual Interest, paid tax-free.
• Interest is variable, calculated on a daily basis on the balance in the account and is paid annually following close of business on March 31st each year.

• Yes – the interest rate is variable, which means the interest rate can go up or down.
• If we increase the interest rate, we will display this information in our branch/agency offices and on our website.
• If we decrease the interest rate we will notify you by sending you a letter, email or other personal notice 30 days in advance of the change.

• £1,041.50
• We have worked this out assuming £1,000 is paid into the account, no further money is paid in or taken out over a 12-month period, the interest rate stays the same and the interest is added to the account.

Ways to open

• In Branch or Agency

Who can open

• The person applying for the account must have parental responsibility, be aged 16 years old and be the registered contact.
• You must be under 18 years old and a UK resident (excluding Northern Ireland) to hold this account.
• An account can be opened for a child under the age of 16.
• Children aged 16 or 18 can open and manage the account themselves in their own name.

Open from

• The minimum amount to open this account is £10.
• The maximum balance is £500,000.
• You can make additional deposits, up to the annual Junior ISA subscription limit (£9,000 for the 2023/24 tax year). This limit is applied across all Junior Cash ISAs and Junior Stocks and Shares ISAs held by a child.
• Only one Junior Cash ISA can be opened per child.
• Joint accounts are not allowed.
• If a child has a Child Trust Fund or a Junior Cash ISA with another provider, they must be transferred as part of the application.

Manage your account

• The account can be managed by the registered contact on behalf of the child.
• Once the child turns 16 they can assume responsibility of the account and manage the account independently.
• You can manage your account at any branch or agency, by post or online (if registered with our ‘My Accounts’ service)

• No withdrawal or closure of the account permitted until the child is 18.
• There are exceptional circumstances, please refer to the Withdrawals and Closure section in the Product Terms and Conditions.
• All money paid into the account belongs to the child and cannot be returned. Only the child can access the money when they reach the age of 18.
• Transfer to another Junior ISA provider is permitted at any time.
• When the child reaches 18, the account will automatically revert to our Easy ISA account, or its nearest equivalent at that time, where ONLY the child can access their money or continue to save tax-free.
• We will contact the child before their 18th birthday, as a reminder of the maturity date and the options available.

• A Junior Cash ISA is for children under 18 years of age, who don’t have or aren’t eligible for a Child Trust Fund.
• The tax-free rate is the rate of interest payable where interest is exempt from income tax.
• The tax treatment depends on your individual circumstances and may change in the future.
• Once the account is opened, you have 14 days to let us know if you want to change your mind (the 14 days excludes public holidays).
• The account can’t be closed after this, unless the money in the account is transferred to another junior ISA, the child becomes terminally ill or dies.
• AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
• The tax treatment depends on your individual circumstances and may change in the future.
• Rates and information correct as of 6th June 2023.