cash Junior ISA (1st issue)

Account Summary Box

Key Product Information for our cash Junior ISA (1st issue)
Account Name

cash Junior ISA (1st issue)

Interest Rates (AERs)

See Account Levels and Interest

Tax Status

Interest is paid tax free

Conditions for
Bonus Payment

Not applicable

Withdrawal
Arrangements

Withdrawals permitted in the following circumstances: where a terminal illness claim made on behalf of the child has been agreed; to meet certain management charges and other specific expenses; on closure of the cash Junior ISA (see General Information for full details).

Access Post or Branch

Account Levels and Interest

Minimum
Investment
Maximum
Investment
Interest Rate
(AER1/Gross2)
£1 £4,000 from 01/07/14 in the 2014/15 tax year 3.05%

Interest Payable 5 April

General Information

A tax free variable rate account available to all UK resident children aged under 18 who do not have a Child Trust Fund. No withdrawals allowed except in exceptional circumstances.

Account can be added to at any time up to the subscription limit.

Interest is calculated on the daily balance and paid and compounded on 5 April.

There are two types of Junior ISA: a cash Junior ISA and a stocks and shares Junior ISA. Please note that The Mansfield Building Society offers a cash Junior ISA only.

A Junior ISA application can only be made by a person aged 16 or over. Where a child is aged 16 or over, either the child or a person with parental responsibility for the child can apply to open the account. Where the child is under 16 only a person with parental responsibility for the child can apply to open the Junior ISA.

A person with parental responsibility is defined as the child's natural parent, a person who has legally adopted the child, a person who has been granted parental responsibility by the Courts or a Local Authority that has parental responsibility for a child in its care. An account can still be opened for a child by a person with parental responsibility, even if the child is over 16, and therefore entitled to apply for an account themselves.

A Junior ISA can only be closed on the child reaching their 18th birthday, on direct instruction from HM Revenue & Customs (where the Junior ISA is void), or on death of the child.

Unlike 'adult' ISAs where the investor can open and subscribe to new ISAs in each tax year, a child can only hold up to two Junior ISAs (no more than one of each type) throughout their childhood (although between the ages of 16 and 18 they can hold one of each type of Junior ISA plus an 'adult' cash ISA).

Please note that the amount subscribed is a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.

Each young saver will receive a free piggy bank upon opening.

About our Savings Products

Before applying for one of our savings products, please read the General Account Terms and Conditions which offers important information about our accounts.

You can download the document below.

General Account Terms and Conditions

How to Apply

To apply for one of our savings accounts, download an application form.

You can send your application through the post or visit one of our branches to speak to a helpful member of staff who will be able to talk you through the application process.

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

2. The gross rate is the interest rate payable before the deduction of tax.

If separate AER/Gross rates are not quoted, both rates are identical.

These account details apply to personal investors only unless stated in the detailed information.

Charitable Assignment

All new customers opening a savings account will be required to sign a declaration agreeing to assign any windfall conversion benefits to the Charities Aid Foundation. This assignment will apply for the first 5 years of membership. Existing members with continuous membership prior to the effective date are not affected. Our Charitable Assignment Scheme leaflet provides full details.