Children's account opening guide

We offer a Junior Cash ISA, which your child has access to when they reach 18.

We also have a Young Saver account for children 7 to 17. This account puts children in charge of their own money.

For both Junior Cash ISA and Young Saver, the child is the 'sole beneficiary', which means that all the money in their account belongs to them.

We always aim to give you the information to make the right savings choices for you and your child. See the rates we offer at the moment for our children’s accounts.

At the Coventry, we’re committed to keeping finance simple, clear and accessible to everyone.

Under-16’s

An adult who has parental responsibility for the child (a ‘Registered Contact’) will need to open the junior cash ISA. They’ll also manage the account and receive all letters and emails from us.

Over-16’s

If the young person is 16 or 17, they can open a junior cash ISA on their own. Or, if they already have one, they can sign to take control of the account themselves and the Registered Contact will be removed.

When they reach 18, their junior cash ISA will convert to an adult cash ISA, and they’ll be able to access their savings.

The young person runs the account. If they’re under 16 when they open the account, an adult must sign the application form to confirm they are capable to do this.

Once they turn 11 they can manage their account over the telephone. And once they reach 16 they can register for Online Services so they can manage their account online.

When the young person reaches 18, their Young Saver is automatically converted to an Easy Access Saver account. They can still pay money in and take money out of this account at any time.

With a Junior Cash ISA, interest is always paid tax-free.

For our Young Saver account, the interest received counts as taxable income.

On 6 April 2016, the Government introduced a Personal Savings Allowance. It’s how much savings interest anyone can earn, including children, without paying tax. To find out more, visit the Government’s website (www.gov.uk) and type ‘personal savings allowance’ in the search box.

Once you’ve decided you’d like to go ahead, there are a few ways you can set up an account.

In a branch

Our specialist staff can answer your questions and usually get the account open straight away.

Online

Find the account you’re interested in and click on ‘View account’, and then click ‘Request application form’. We’ll post you all the info you need, and a form to fill in and return to us in one of our branches.

Young Saver can only be opened in branch so please check the location of your local branch before applying.

Phone us

Call 0800 121 8899 and talk to one of our specialists. They can answer any questions and post you an info pack and a form to fill in and return to us.

Young Saver can only be opened in branch so please check the location of your local branch before applying.

Before we can open an account, we’ll need to see ID for the child. If you’re opening a Junior Cash ISA and you’re not already a Coventry Building Society member, we need to see ID for you as the Registered Contact.

If your child is under 16 and opening a Young Saver we'll ask you to sign the application form to confirm they are capable of operating the account and ask to see some ID for you too.

For the child

Birth/adoption certificate or valid passport, and one document which proves where the child lives. If you don’t have anything to prove the child’s address, and they live with you, we can accept a document which proves where you live, such as a utility bill dated within the last three months.

For you

One official document which proves who you are (for example a valid passport or driving licence) and one document which proves where you live (such as a utility bill dated within the last three months). There’s a list of the ID we need and what’s suitable here.