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 £4,128 and earn tax-free interest.

This means you can save up to £4,128 in a Junior ISA in the tax year ending 5 April 2018.

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 £4,128 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 (£4,128 for 2017/2018).

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 06/04/2017.

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.

 

More information

Your eligible deposits with TSB are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the bank including their share of any joint account, and not to each separate account.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call the FSCS on 020 77 414 100 or 08006 781 100 . Please note only compensation related queries should be directed to the FSCS.

Accounts with TSB Bank plc include accounts in all its divisions and under trading name TSB and TSB Business. An eligible depositor's £85,000 limit relates to the combined amount in all accounts with TSB Bank plc.

Please read How FSCS protects your money for further information.

Apply in branch

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

ISA guide

Everything you need to know about ISAs and how to make the most of your annual ISA allowance.

Read our ISA Guide

We're making some changes to our terms and conditions

There are some changes coming to the way you bank with us. As part of this, we’re making our terms and conditions even clearer, which is good news for everyone.

Find out more

Read summary of changes PDF (720KB)


You can find the updated terms and conditions here

How to apply

Visit us in branchand we'll open an account for you. 

Find out what to take along

Financial Services Compensation Scheme

FSCS
 
Visit fscs.org.uk to find out more
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