| Summary Box | |||||||
| Account Name | Cash Junior ISA (2nd issue) | ||||||
| What is the interest rate? |
Interest is calculated on the daily balance of the account. Interest payable annually on 5 April. |
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| Can Mansfield Building Society change the interest rate? | This is a variable rate savings account and we have the right to vary the interest rate at any time. The interest rate is variable and the rate can go down as well as up. If we change interest rates to your disadvantage on a variable rate account we will notify you in writing at least 14 days prior to the rate change. For more information on changing interest rates, please see Section 7 of our General Account Terms and Conditions. |
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| What would the estimated balance be after 12 months based on a £1,000 deposit? |
This projection is provided for illustrative purposes only and does not take into account your individual circumstances. This assumes that the account is opened on 6 April with a £1,000 cash deposit and that no further deposits or withdrawals are made during the first 12 months. The projected balance is based on the annual rate (AER1). |
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| How do I open and manage my account? | Our cash Junior ISA is available to children (aged under 18) who are resident in Nottinghamshire, Derbyshire or South Yorkshire or existing members. Accounts that are outside the geographical area above will also be accepted where a parent or grandparent of the child is an existing member. 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. 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 (see General Information below for further details) 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. Simply complete the application form, sign the declaration and take it, or post it to any of our branches together with your investment. 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 1 years continuous membership with the Society. Please speak to us about the documentation required. A minimum of £1 must be deposited in order to open the account. A maximum amount of £9,000 may be deposited in the account in accordance with the annual Junior ISA subscription limit in the 2024/25 tax year. Once the maximum amount has been subscribed in any tax year no further subscriptions will be allowed regardless of how much is withdrawn. The account can be added to subject to annual subscription limits as long as the cash Junior ISA account remains available and your total savings with us do not exceed £400,000 regardless of whether the account is held in single or joint names. You can manage your account in branch or through the post. |
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| Can I withdraw money? | 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. 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. In such circumstances, withdrawals or closure can be by cash (in branch only) and/or cheque (either in branch or by post) or transferred to another account with us. Cash withdrawals are subject to a maximum limit of £500 per day. |
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| Additional information | A tax free variable rate account. All income and gains from Junior ISA investments are exempt from UK Income tax and capital gains tax. Any person can subscribe to a Junior ISA. The person subscribing need not be a resident in the UK, nor do they have to be related to the child. The society is not required to obtain the consent of the registered contact before accepting subscriptions from any person. Subscriptions to the Junior ISA can be made even if the child is not present in the UK. Subscribing to a cash Junior ISA prohibits you from subscribing to a cash Junior ISA with the same or another provider. 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. We calculate interest on an amount deposited in cash from and including the day we receive it. Interest on an amount deposited by cheque is calculated from and including the day after we receive it. We calculate interest on an amount withdrawn up to and including the day before withdrawal. Interest can be added to your account, credited to another account with the Society, or sent direct to your bank account. |
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Junior ISA stands for Junior Individual Savings Account. Junior ISAs were introduced on 1 November 2011. A Junior ISA is a type of ISA available to eligible children in respect of which instructions are given by a ‘registered contract’.
The information presented is based on our understanding of current law and HM Revenue & Customs practice at the time of publication. There are no guarantees that the favourable tax treatment on this account will be maintained. The Government is responsible for the tax treatment. Future changes in legislation and tax practice could affect this information. If you require further information about ISAs you can obtain a fact sheet from the Building Societies Association (BSA) website www.bsa.org.uk called ‘Individual Savings Accounts, incorporating New ISAs’.
Parental Responsibility
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.
What ISAs are available?
There are two types of Junior ISA:
• a cash Junior ISA
• a stocks and shares Junior ISA
Please note: Mansfield Building Society offers a cash Junior ISA only.
You can hold up to one cash and one stocks and shares Junior ISA at a time. 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).
Deciding whether to invest in stocks and shares should be determined by a number of factors including your attitude to risk and the level of the stock market because the value of stocks and shares investment can go down as well as up. Also, if you are not a higher rate taxpayer, or likely to make significant capital gains chargeable to tax, there are no tax benefits from holding UK equity shares within a ISA.
By opening a cash Junior ISA you will limit your eligibility for savings in equities through a stocks and shares Junior ISA.
The tax year starts on 6 April and finishes on 5 April in the following year.
Can I transfer my cash Junior ISA to another ISA manager?
Yes. The transfer must be arranged by the new Junior ISA Manager directly with us. Note that Junior ISA Managers are not obliged to accept transfers.
If the transfer is to be of current year’s subscriptions, the whole of those subscriptions must be transferred. Funds in a ISA from previous years investments may be transferred from one Manager to another in whole or in part.
To transfer your Junior ISA, you will need to complete a transfer application with the new ISA Manager.
The cash and information will be sent to the new Manager within 5 working days. This will be calculated from the date we receive the transfer request. Interest will be calculated up to the day before the date of the transfer.
Child’s 18th Birthday
On the child’s 18th birthday the legal title to all investments in the cash Junior ISA must be transferred to the child unless the child directs otherwise. The account ceases to be a cash Junior ISA on that day, but any investments held should remain in a tax free wrapper.
We will contact the account holder (i.e. the child) prior to their 18th birthday to confirm withdrawal and re-investment options.
The investments held in the cash Junior ISA at age 18 can continue to benefit from the tax advantages of the cash Junior ISA but further subscriptions to an ‘adult’ ISA that was a Junior ISA cannot be accepted until the (former) child:
• notifies the ISA manager of their National Insurance Number (NINO) if one exists;
• provides the details required by the ISA declaration which includes confirmation of being resident in the UK; and
• authorises the manager to hold the ISA investments and make claims on their behalf
Where this information/authority is not obtained, or where the account holder is not eligible to subscribe to an ‘adult’ ISA, no further subscriptions will be accepted.
The detailed rules for Junior ISAs are contained within the Individual Savings Account Regulations 1998 No 1870 and The Individual Savings Account (Amendment) Regulations 2024.
• The account must at all times be managed in accordance with the above Individual Savings Account Regulations by an account manager and under terms agreed in a recorded form between the account manager and the account investor or registered contact.
• The account opening date will be the date on which both the correctly completed application form and initial subscription are accepted by the Society.
• The account may not be held on behalf of another person other than the account holder.
• The ISA manager will satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the investor is competent to carry out those functions and responsibilities.
• The ISA manager must notify the investor if, by reason of any failure to satisfy the provisions of the ISA Regulations, an ISA has, or will, become void.
• The account holder must be resident in the United Kingdom for tax purposes or, if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with a person who performs such duties. The account holder must inform Mansfield Building Society if they cease to be so resident or perform such duties or be married to, or in a civil partnership with, a person who performs such duties.
Our General Account Terms and Conditions, which is available to download from our website, provides full details of the terms and conditions applied to this and other accounts offered by us.
Where there is a conflict between information displayed on the product and the General Account Terms and Conditions, the terms of the product will apply.
The General Account Terms and Conditions are provided to all new account holders and are also available on request.
You can send your application form through the post or visit one of our branches to speak to a member of staff who will be able to talk you through the application process.
In common with other financial organisations we will need evidence of identification and proof of residency. Please see the You and Your Savings Account leaflet for details.
If you change your mind about your choice of account, you may cancel it within 14 days of the day the account is opened or the day on which you receive the terms and conditions of the account and other information on paper or electronically, whichever is later.
We will help you switch to another of our accounts or we will give you all your money back with any interest it has earned. We will ignore any notice period and any penalties relating to withdrawals or closure of the account.
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.
Authorised push payment (APP) fraud happens when you are tricked by a criminal into sending money by bank payment to an account that they control and which you do not.
From 7th October 2024, under the APP Fraud Reimbursement Rules, victims of APP fraud have rights relating to the reimbursement of money lost as part of an APP fraud. The rules cover payments made within the UK that are made using Faster Payment or CHAPS.
You can find out about your rights to reimbursement from our website or by picking up a leaflet from out branches.
If you think you’re a victim of APP Fraud, you must report it to us ASAP and you can make a claim online, by visiting us in branch or calling us on 01623 676350. Lines are open, Mon-Fri, 9am-4.30pm (Weds from 10am) and Saturdays, 9am-12 noon.
1. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added to each year. AERs on the Monthly Income accounts 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 without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.
^Tax free means you won’t pay UK tax on any income or capital gains your ISA makes.
Our savings accounts are exclusively available to UK Residents only.
These account details apply to personal investors only unless stated in the detailed information.
The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049. Member of the Building Societies Association.
Date printed: 21/12/2024 03:43:30 pm
Page last updated: 16/10/2024 11:32:03 am
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