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Junior Cash ISA

Our Junior Cash ISA is a simple way to build savings that can grow with your child. Open with just £1 and save up to £9,000 each tax-year without paying tax on the interest.

Benefits of a Junior Cash ISA

Earn up to 3.65% Tax free/AER

This account has an interest rate of 3.65% Tax free/AER (variable)

Up to £9,000 this tax-year

Anyone can save for your child, up to £9,000 in the 23/24 tax year

An account for childhood

When your child turns 18*, this account becomes a Cash ISA Saver with a bonus rate

*Money in this account can’t be withdrawn before the child is 18

ISA guide

If you’ve got questions about Junior ISAs, or your annual ISA allowance, our guide has you covered.

Summary box

3.65% Tax Free/AER (variable)

View previous rates

Yes. We can move the interest rate up or down at any time. Our Savings Account General Conditions explain when we'll do this.

If we increase the interest rate, we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we’ll let you know personally 14 days in advance. You can close your account without charge within 30 days of the change, and at any other time. We may not do this if you have £100 or less in your account. Instead, we may tell you about it by making details of the change available in our branches, at tsb.co.uk and through telephone banking.

Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:

Year 1

Initial deposit £1,000
Interest earned at 3.65% Tax Free/AER (variable) £36.50
Estimated balance after 12 months £1,036.50

This is an example only and doesn't take into account your individual circumstances.

Ways to open
  • In branch
Who can open
  • For children under 16, it can only be opened by a person with parental responsibility and who's over the age of 16
  • For children aged between 16 and 17, it must be opened by the child in their sole name
  • UK residents only
Open with
  • £1 minimum opening balance
  • Maximum balance subject to the annual junior ISA allowance (£9,000 for 2023/2024).
  • No maximum limit on the amount that can be held within the account
Manage your account
  • In branch
  • Over the phone, by the child (if over 16)

Withdrawals allowed No. Withdrawals aren't permitted prior to maturity at age 18 (unless the child is diagnosed with a terminal illness and permission is given by HMRC to make withdrawals).

  • Each child can only have one Junior Cash ISA open at once.
  • The Junior Cash ISA is for children under 18 who don't hold or aren't eligible to hold a Child Trust Fund.
  • A junior ISA held with another provider can be transferred to TSB.
  • The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in future.
  • When the child turns 18 their Junior Cash ISA will automatically mature into an adult ISA. At least 30 days before this date we'll write to the Junior Cash ISA account holder (and registered contact if different) providing details of this.
  • If you aren't happy with your Junior Cash ISA, you can cancel within 14 days of opening without charge. You'll still be able to open another junior cash ISA account in the same tax year with us or another provider.
  • The account can't be closed after this, unless the money in the account is transferred to another junior ISA, the child becomes terminally ill or dies.

Rates and information correct as at 17/08/2023.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Tax free rate is the contractual rate of interest payable where interest is exempt from income tax.

Your money’s protected

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of your eligible money at TSB. For more information, please visit the FSCS website.

Protecting your money - FSCS

Important Information

*Variable means the interest rate on your savings can change. The rate can go up and down. If it goes up, you earn more interest. If it goes down, you’ll earn less interest, but we’ll tell you before this happens. If you’d like to know more about what might happen to our variable interest rates when the Bank of England changes the Base Rate, head over to our Popular Questions page at www.tsb.co.uk/savings/

The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily. Gross rate means that credit interest is paid without income tax being deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

Tax-free means the interest paid will be free from UK Income Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.

* Unless the child is diagnosed with a terminal illness and permission is given by HMRC to make withdrawals.