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 £9,000 and earn tax-free interest.

This means you can save up to £9,000 in a Junior ISA in the tax year ending 5 April 2023.

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 1.50% tax free/AER from £1
Deposits can be made by anyone up to the limit of £9,000 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

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).

Summary box

	Initial deposit	£1,000
Account name	Junior Cash ISA
What is the interest rate?	1.50% AER/Tax Free (variable)
Can TSB change the interest rate?	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.
What would the estimated balance 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:
		Interest earned at 1.50% AER/Tax Free (variable)	£15.00
		Estimated balance after 12 months	£1,015.00
	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 (£9,000 for 2022/2023). 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)
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 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 06/04/2022. 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

Financial compensation scheme Press to expand/collapse

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.