Junior Cash ISA (Issue 1)

Junior Cash ISA (Issue 1)

Please click on the option to the right to download or read an application form

  • Minimum opening and operating balance £1
  • Interest is calculated on a daily basis and will be capitalised annually on the 31st December. All interest will be compounded to the account
  • Account holders will be written to at least one month prior to their 18th birthday as a reminder. In the absence of alternative instructions, on their 18th birthday, the account will automatically be deemed to be an “adult” ISA, and will transfer to a variable rate Cash ISA account

General Junior ISA points…..

  • JISAs are long term tax free savings for children, to be opened, operated and managed by a Parent or Legal Guardian who will be known as the registered contact. The account will be held in the child’s name
  • Anyone can contribute to the JISA until the child reaches the age of 18, when the operation of the fund will be taken over by the child
  • A child cannot have a JISA if they already have a Child Trust Fund account. JISA accounts are available for:
    a) Children born on or after 3rd January 2011
    b) Any child under the age of 18 born before 1st September 2002
    c) Children born between the above dates who did not qualify for the Child Trust Fund
  • The annual JISA allowance for 2014/2015 will be £3,840 and will rise each year in line with inflation
  • The JISA will have the same tax benefits as the adult ISA, which means that no capital gains tax liability and no further tax on income from the JISA. Tax rules may be liable to change over time and the benefits to your child depend on their individual circumstances
  • Only one JISA can be held by a customer at any time, and all funds must be held with one provider only. Funds cannot be transferred between JISA providers
  • Customers between the ages of 16 and 18 can contribute to either their ISA or General ISA only, in any financial year

Version: March 2014