• Junior Cash ISA

    A simple way to build savings that will come of age with your child. Open with just £1 and because it's an ISA your child won't pay any tax on the interest they earn up to the annual allowance.

    Our Junior Cash ISA allows you to save up to £4,080 and earn tax-free interest.

    This means you can save up to £4,080 in a Junior ISA in the tax year ending 5 April 2017.

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

    Benefits

    • Earn a variable rate of 3.00% tax free/AER from £1
    • Deposits can be made by anyone up to the limit of £4,080 and are treated as a gift to the child
    • Once the child reaches 18, the account will mature into a Cash ISA Saver with bonus

  • Summary box

    Account name Junior Cash ISA
    What is the interest rate?
    Interest rate  3.00% AER/Tax Free (variable)
    You'll earn interest on balances of £1 or more. Interest is calculated each day and paid once a year on the 31st March.
    Can TSB change the interest rate?

    Yes. We can move the interest rate up or down at any time. Our Terms and 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 and give you at least 14 days' notice.

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

    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 3.00% AER/Tax Free (variable)    
     £30
    Estimated balance after 12 months    
    £1,030
    This is an example only and doesn't take into account your individual circumstances.
    How do I open and manage my account? 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 (£4,080 for 2016/2017).
    Manage your account
    • In branch 
    Can I withdraw money? 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).

    Additional information
    • 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 were entitled 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. 

    Rates and information correct as at 10/12/13.

    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.


  • Apply in branch

    Visit your local branch with proof of identity and your address and we'll open the account for you.

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