Your eligible deposits with Coventry Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
For joint accounts eligible deposits are protected up to £170,000.
Do you want to put money away to build up your child’s tax-free savings? Junior Cash ISA is a longer-term, no-access account to help you save for your child’s future, with a variable interest rate.
We calculate the interest daily and pay it annually, at the end of 30 September.
We make a final interest payment on the child’s 18th birthday.
The interest rate is variable, so it can go up or down at any time.
For more details about why we may change the rate, as well as how and when we’ll let you know, see our Saving Accounts Terms and Conditions booklet (section 4).
This would be the balance after 12 months if £1,000 was paid in on 1 October, all interest was paid back into the account annually, there was no change to the interest rate and no money was taken out or paid in.
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.
How to open and manage
Junior Cash ISAs are for children under the age of 18 and resident in the UK.
How to put money into your account
You may pay in up to the child’s maximum junior ISA allowance each tax year depending on any money you may have already paid into a stocks and shares ISA for the child. For 2019/2020, the allowance is £4,368.
This is a no access account. The child can only access the money when they reach 18.
However, you can move the money to another junior ISA provider anytime with an ISA transfer. If you decide to transfer the money out, you must move all of it.
What happens when the child turns 18?
On the child’s 18th birthday, we’ll convert the account to a cash ISA (variable interest rate, easy access) in the child’s name only. They’ll be able to access their money and/or keep saving if they want to. We’ll send a reminder nearer the time.
Interest on ISAs is paid tax-free, that is gross with no tax deducted. 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.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
For full details, please see the Specific Terms for Junior Cash ISA (1) and our Saving Accounts Terms and Conditions.
Junior Cash ISAs must be opened for a child by a ‘Registered Contact’. This must be an adult with parental responsibility for the child who will manage the account and receive all correspondence.
If the child is 16 or 17, they can open a Junior Cash ISA (1) on their own.
All the money in the account belongs solely to the child.
Anyone can pay into the Junior Cash ISA (1) for the child.
You can find out more about our children’s accounts in the Children’s Account Opening Guide. For a printed copy, ask at any branch or call us on 0800 121 8899.
How to keep track of your account
You can contact us at anytime and obtain an itemised paper statement of your transactions.
If you change your mind
You have a 14 day cancellation period after you make your first payment into a Junior Cash ISA (1). If you wish, you may change your mind and close the ISA within 14 days and it will be treated as if you never opened the ISA so you’d be able to open and pay into another junior cash ISA this tax year.
To do this ask us at any branch, call us on 0800 121 8899 or write to us at: Head Office, Economic House, PO Box 9, High Street, Coventry, CV1 5QN.
If you’re not happy with our service
Please let us know. We take care to deal with problems quickly, thoroughly and fairly. If you’re still not satisfied when we’ve finished our complaints procedure, you can take your complaint to the Financial Ombudsman Service. For more information about the Ombudsman Service, visit their website: financial-ombudsman.org.uk
We believe in being open and honest. We want you to make an informed choice. That’s why we've built this tool to help you compare our accounts with other providers.
This tool uses the latest data from moneyfacts.co.uk, an independent comparison service. Moneyfacts aim to include at least 95% of providers of UK-based personal savings accounts.
What’s missing? Our tool omits any accounts with special conditions for opening (for example, you have to already hold an account with the provider).
Remember: there’s more to a savings account than just the interest rate. You can compare access terms, how to pay in and other criteria – then make your own mind up.