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Junior Cash ISA
A Junior Cash ISA is a long-term, tax-free savings account that is a great way for under 18s to start saving.
Please read the summary box before applying
Summary box for the Junior Cash ISA
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Earn 2.85% AER/tax free variable interest on balances of £1 or more.
Interest is paid each year after you open the account on 31st March.
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Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF, 56KB) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.
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For example, if you deposit £1000.00 when you open the account, after 12 months you will have a balance of £1028.50 after interest is paid.
This assumes:
- you make the deposit on the day you open the account
- you don’t add any more money
- the interest rate stays the same.
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This account can be opened:
- online
- in branch
Opening this account for yourself
You can open an account for yourself online or in branch if you are aged 16 or 17 and are resident in the UK.
You must not already have a Junior Cash ISA or a Child Trust Fund, unless it's transferred to this account. This can be done in branch.
You need to open the account with at least £1.
Opening this account for a child under 16
The child must be resident in the UK. They must not already have a Junior Cash ISA or a Child Trust Fund. If they do, they can transfer it to this account in branch.
You can open this account for a child if you:
- are aged 16 or over
- are resident in the UK
- have parental responsibility for them.
If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
You need to open the account with at least £1.
The account will be in the child’s name.
Managing this account
You can manage the account and view it's balance in branch.
There is a limit on how much can be added to a child's ISAs each tax year. This tax year, the limit is £9,000. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.
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No. You can't withdraw money from the account until the child turns 18. It can only be closed in special circumstances which you can see in the terms and conditions (PDF, 56KB).
All money paid into the account belongs to the child and can't be returned.
If you change your mind, you can cancel the account free of charge within 14 days of opening.
When the child reaches 18 the account will change to an adult Cash ISA Saver. They will be able to continue saving tax free and will be able to withdraw money.
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Savings terms explained
Tax free means you will not pay income tax on your interest.
AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.
For more definitions, view our glossary.
Frequently asked questions about our Junior Cash ISA
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There is a limit on how much can be added to Junior ISAs each tax year. This tax year, the limit is £9,000.
This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.
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You can open this account for a child under 16 if you:
- are aged 16 or over
- are resident in the UK
- have parental responsibility for them.
If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
You need to open the account with at least £1. Please remember, the account will be in the child’s name.
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Payments can be made into the account at any time by:
- transferring the whole of a Junior Cash ISA account to us
- transferring the whole or part of a stocks and shares junior ISA held with another junior ISA provider;
- transferring all of the funds held in a Child Trust Fund or all of the proceeds from the sale of stocks and shares held in a Child Trust Fund;
- paying money into the account at one of our branches with a counter; or
- transferring money into the account from another account.
You can also make regular payments by setting up a standing order.
Please remember, you can’t exceed the annual Junior Cash ISA allowance limit.
Open a Junior Cash ISA
Please read the summary box and the terms and conditions (PDF, 56KB) opens in a new tab before you start.
Financial Services Compensation Scheme
Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.
