Junior Cash ISA


A tax free account especially for children, under 18 years of age. Ideal for long term savings, it is a good introduction to the ISA market for your child.

 

Summary Box - Key Product Information

What is the

interest rate ?

  • 2.45% gross,  2.45% AER

  • Interest is calculated on a daily basis and will be credited to the account annually on 31st December.

Can Bath Building Society change the interest rate?

  • The interest rate is variable, which means we reserve the right to change it to reflect market conditions, to comply with legal or regulatory guidelines or for any reason we deem to be appropriate.

  • We will give you 30 days’ notice in writing before any reduction to the rate is applied.

  • Full details of the reasons why we may change your interest rate can be found in the General Terms and Conditions leaflet, under Section 7.

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 in this account, after 12 months you would have £1,024.50.

  • 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.

How do I open and manage my account?

  • Available for UK residents only under the age of 18.

  • To open an account, simply complete an application form, available from any branch, agency office, or by contacting our Customer Support Department. Alternatively, this can be downloaded  from our website.

  • Minimum opening balance £1.

  • Account holders can operate their account either by post or through a Branch or Agency office.

  • Customers are only allowed to pay in up to the maximum annual allowance each year. The annual JISA allowance for 2016/2017 will be £4,080.

  • A passbook is issued with this account.

  • It is also possible to view all the accounts you hold with Bath Building Society by registering through our website  www.bathbuildingsociety.co.uk

Can I withdraw money?

  • No withdrawals are allowed before the child’s 18th birthday.

  • 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. Details of the current terms and conditions and interest rate will be provided at that time.

Additional Information

General Junior ISA (JISA) 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. The Society does not currently accept transfers in from Child Trust Funds.

  • The JISA will have the same tax benefits as the adult ISA, which means that there will be 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 JISA or General ISA only, in any financial year.

  • Applicants are asked to confirm that they have read the FSCS information and exclusion sheets.

  • This account is a limited issue and can be withdrawn without notice.

  • This is a summary of the key features of the account. You should read both the Savings Accounts and General Terms and Conditions leaflets to ensure you fully understand how your account works.

Version: November 2016

Further Information