cash Junior ISA (1st issue)
Account Summary Box
|Key Product Information for our cash Junior ISA (1st issue)|
cash Junior ISA (1st issue)
|Interest Rates (AERs)||
See Account Levels and Interest
Interest is paid tax free*
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
Interest Payable 5 April
*Tax free means free from UK income and capital gains tax in the hands of the investor.
A tax free variable rate account available to all UK resident children aged under 18.
A child cannot have a Child Trust Fund and a Junior ISA so if the Child Trust Fund is transferred the whole account must be transferred and the account closed.
We are pleased to accept cash Junior ISA transfers from other cash Junior ISA Managers. We will also accept transfers in from Child Trust Funds if you are resident within Nottinghamshire, Derbyshire or South Yorkshire or existing customers who have a minimum of 3 years continuous membership with the Society.
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.Find a Branch Contact Us
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.
2. The gross rate is the contractual rate of interest payable before the deduction of income 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.
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.