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.

Important note - from 2 December 2024, the variable annual interest rate on this account will decrease to 4.50% tax-free p.a./AER.

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).

£1,045.00

This would be the balance after 12 months if £1,000 was paid in, 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.

This illustration is calculated based on a variable interest rate of 4.50% tax-free p.a./AER, which is the annual interest rate effective from 2 December 2024. 

Eligibility

• Junior Cash ISAs are for children under the age of 18 and resident in the UK.

If the child is 16 or 17, they can open a Junior ISA(2) on their own. Parents or guardians with parental responsibility can open a Junior ISA and manage the account, but the money belongs to the child.

How to apply for this account

• By post
• Call 0800 121 8899 for an application pack
• Pop into a branch.

How to manage and keep track of your account

• Call 0800 121 8899 for help with managing your account
• Pop into a branch.

How to put money into your account

• Pay in cash or cheques in a branch.
• Post us a cheque.
• Set up transfers from an account with another bank or building society or another account with us.
• By ISA transfer - you can transfer in junior ISA savings or Child Trust Fund savings from another bank or building society.
• The minimum balance is £1.
• 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 the current tax year, the allowance is £9,000.

You can contact us at any time and obtain an itemised paper statement of your transactions.

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.

If you change your mind, you have a 14-day cancellation period after you make your first payment into a Junior Cash ISA (2). Day 1 starts from the day you make your first payment into the account, so if you did this on the first of the month, your cancellation period would finish on the 15^th day of the month. If you wish, you may change your mind and close the ISA within 14 days and it will be treated as if you never had the ISA, so you’d still be able to pay into another junior cash ISA this tax year.

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.