Junior Individual Savings Accounts (junior ISAs) are longer-term tax-free savings accounts for under 18s. Interest on junior ISAs is always paid tax-free.
For the 2020/2021 tax year, the deposit allowance for junior ISAs is £9,000.
The annual allowance can be saved in a junior cash ISA, a junior stocks & shares ISA, or .a Child Trust Fund. The innovative finance ISAs aren't available for children.
A child can only hold one junior cash ISA. We only offer a junior cash ISA.
A junior ISA has an account holder and a ‘registered contact’
The account holder is the child and all the money in the junior ISA belongs to them.
If the account holder is under 16, a Junior ISA must be opened for them by a 'registered contact'. This must be an adult with parental responsibility for them who will manage the account and receive all correspondence until the child reaches 16.
There's no access to the money until age 18
It's not possible to take money out or close a junior ISA before the child is 18, but you can transfer all the savings to another junior ISA provider if you wish.
For more about junior ISAs, visit the Government's website www.gov.uk and type 'junior ISA' in the search box.
We offer a Junior Cash ISA
At the Coventry, we only offer cash ISAs. Find out more about our Junior Cash ISA »
When the young person reaches 18, their Junior Cash ISA is automatically converted to a Matured Junior ISA (an adult cash ISA) and then they'll be able to access their money if they wish, but we'll need to see some ID from them first.
Their new adult cash ISA will be subject to its own Specific Terms - we'll send them all the information they need about paying in and withdrawing money from their new account just before they reach the age of 18.
If your child has a Child Trust Fund, you can transfer it into a junior ISA
If your child holds a Child Trust Fund, it’s straightforward to transfer the savings to our Junior Cash ISA. Ask us in any branch or call 0800 121 8899 and we’ll explain how it works. The registered contact will need to fill in and sign a form, and then we do the rest.
If you’re 16 or 17, you can save in a junior ISA and an adult ISA
You can open an ISA and, if you don't already have one, you can also open a junior ISA on your own.
With all junior ISAs, it's not possible to take money out or close the account before you turn 18, but you can transfer all the savings to another junior ISA provider if you wish.
If you open a Junior Cash ISA with us, when you reach 18 we'll automatically convert it into a ‘Matured Junior ISA’ which is an adult cash ISA.
Remember that under ISA rules, over 18s are only allowed to pay into one cash ISA in each tax year, which counts towards their annual ISA allowance. So when you get to 18, if you have a cash ISA and a Matured Junior ISA and want to keep building up your tax-free savings, you'll need to decide which ISA to pay into. It depends on the terms for the ISAs, but you might choose to transfer your ISA savings into one account.