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Our Junior Cash ISA is a long-term, tax-free savings account. A great way for kids under 18 to save for the future.
3.65% tax free/AER variable on balances £1 or more.
It's a variable interest rate. It will be paid after each year on 5 April.
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 account conditions (PDF, 210KB) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.
For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1036.50.
No. You can't take money out until the child turns 18.
You can't close it early, except in special circumstances which you can see in the account conditions (PDF, 210KB).
When the child reaches 18 the account matures to an adult cash ISA where the child can continue to save tax free.
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 savings glossary.
The Junior ISA allowance for this tax year is £9,000. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or a combination of both. When the next tax year starts on the 6th April, your allowance will reset and you’ll be able to pay in another £9,000.
You can open a Junior Cash ISA for a child under 16 if you:
If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
You can make regular payments into the ISA by setting up a standing order. You can also make one-off payments from one account to another.
You can also:
Remember, you can’t pay in more than the annual junior ISA allowance limit.