Junior Cash ISA

You should read this product information carefully in conjunction with our Savings Terms and Conditions and ID for customers to ensure you understand the features and conditions of what you are buying. Our savings accounts are only available to UK residents. We recommend you contact your local branch to make an appointment before delivering your completed application form.

Savings Features

Account name 

• Junior Cash ISA

What is the interest rate? 

Interest rate band
Interest rate
£50+
4.15% tax free/AER variable
• Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual interest can be credited to this account, or another Newbury Building Society account or your bank account.
• Rate of interest payable depends on individual circumstances and may be subject to change in the future.
• If the balance falls below the minimum operating balance, a variable rate of 1.50% gross/AER will be paid.

Can Newbury Building Society change the interest rate? 

• You will be notified of any material downward rate change by letter or secure message.
• The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.

What would the estimated balance be after 12 months based on a £1,000 deposit? 

Interest rate band
Estimated balance

£50+

£1,041.50
 

• This estimation is for illustrative purposes only and does not reflect individual circumstances.

How do I open and manage my account? 

• If the account is opened by post, the account must be approved within 14 days. If the account is not approved within 14 days, we will close the account. The account is approved when we have received the application and the identification requirements have been satisfied. Once the account is approved, the account can receive deposits up to the account limit within five business days. If no deposits have been received within five business days, we will close the account.
• For children under 16, a person with parental responsibility must apply to open the account.
• Over 16's can apply directly, or a person with parental responsibility can apply to open the account on their behalf.
• The minimum opening and operating balance is £50.
• The maximum balance is £1,500,000.
• This account can be opened and operated in branch or via post.
• A child is eligible for a Junior Cash ISA if, when the application is made: - They are under the age of 18. - They do not hold a Child Trust Fund. - They are resident in the UK.
• JISA rules apply, please see below.
• Account holder/s must be resident in England or Wales.

Can I withdraw money? 

• No withdrawals are permitted.
• On the 18th birthday of the holder, the account will be transferred to an easy access adult Cash ISA and the holder will be able to make withdrawals.

Additional information 

• JISA flexibility - No. Government rules do not allow JISA's to be flexible because money cannot be withdrawn until the child turns 18.
• Child Trust Fund - No. Transfers from existing Child Trust Funds, held wih another provider, are not accepted into this account.
• Tax status - Tax free (interest is exempt from income tax).
• Transfers out - We accept full transfer out of current and previous years subscriptions. - We also accept partial transfers out of previous years subscriptions. - We do not accept partial transfers out of current years subscriptions.
• Transfers in - We accept full transfer in of current and previous years subscriptions. - We also accept partial transfers in of previous years subscriptions. - We do not accept partial transfers in of current years subscriptions.