Our Junior Cash ISA is a great way of saving tax-free^, for children under the age of 18, and you can invest from £1 up to £4,080 in the 2016/2017 tax year.
The limit can be divided between a junior cash ISA and a junior stocks and shares ISA.
A Junior Cash ISA can be opened for any child under the age of 18, as long as they do not already have a Junior Cash ISA with another provider. The child must also be a UK resident. If the child has Child Trust Fund savings, these can be transferred to a junior ISA.
Account Summary -
Junior Cash ISA (1)The Financial Conduct Authority is a financial services regulator. It requires us, the Coventry Building Society, to give you this important information to help you decide whether our Junior Cash ISA (1) is right for your child. You should read this document carefully so that you understand what you're buying, and then keep it safe for future reference.
What is the interest rate?
Effective from 23rd September 2016
We calculate the interest daily and add it to the account annually, at the end of 30 September.
We make a final interest payment on the child's 18th birthday.
Can Coventry Building Society change the interest rate?
The interest rate is variable so we can increase or decrease the rate at any time.
For more details about why we may change the rate, and how and when we'll let you know about a change, see section 4 in our General Investment Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
This would be the balance after 12 months if £1,000 was paid in on 1 October, all interest is paid back into the account, there was no change to the interest rate and then no more money was paid in during that year.
This illustration is just an example to help you compare accounts. It does not take into account any individual circumstances.
How do I open and manage my account?
How to open and manage
- By post
- Order a pack by telephone
- Order a pack online
- At any branch
- Junior Cash ISAs are for children under the age of 18 and resident in the UK
How to pay in
- By cash or cheque at a branch
- Post us a cheque
- Transfer funds from another Coventry Building Society account or another UK bank or building society
- By ISA transfer - you may transfer in junior ISA savings or Child Trust Fund savings held with another provider
The minimum balance is £1
You may pay in up to the child's annual junior ISA allowance each tax year depending on any money you may have already paid into a stocks and shares ISA for the child. For 2017/2018 tax year, the allowance is £4,128.
This is a no access account. The child can only access the money when they reach 18.
However, you may complete an ISA transfer to another junior ISA provider anytime. If you decide to transfer out, you must transfer the entire balance.
What happens when the child reaches 18?
We'll convert the account on the child's 18th birthday. The account will become a cash ISA (variable interest rate, easy access) in the child's sole name and they'll be able to access their money and/or continue saving if they wish. We'll send a reminder nearer the time.
Interest on ISAs is paid tax-free, that is gross with no tax deducted. ISAs are a savings scheme initiated by the Government and are subject to change by them. For example the favourable tax treatment may not be maintained.
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
For full details, please see the Specific Terms for Junior Cash ISA (1) and our General Investment Terms and Conditions.
- Junior Cash ISAs must be opened for a child by a `Registered Contact'. This must be an adult with parental responsibility for the child who will manage the account and receive all correspondence.
- If the child is 16 or 17, they can open a Junior cash ISA on their own.
- All the money in the account belongs solely to the child.
- Anyone can pay into the Junior Cash ISA for the child
- You can find out more about our children's accounts in the Children's Account Opening Guide. For a copy, ask at any branch, call us on 0800 121 8899, or download it from our website: thecoventry.co.uk/childrens-guide
Child Trust Funds
You may transfer in Child Trust Fund savings and junior ISA savings held with another provider. Contact us to find out more.
If you change your mind
You have a 14 day cancellation period after you make your first payment into a Junior Cash ISA. If you wish, you may change your mind and close the ISA within 14 days and it will be treated as if you never opened the ISA so you'd be able to open and pay into another junior cash ISA this tax year
To do this ask us at any branch, call us on 0800 121 8899 or write to us at: Head Office, Economic House, PO Box 9, High Street, Coventry, CV1 5QN.
Not sure what to do?
We're keen to help you make the right choice for you and your child - have a chat with our specialists at any branch or by calling 0800 121 8899. You can also find more information on our website: thecoventry.co.uk
If you're not happy with our service
Please let us know. We sort out most problems fairly and quickly. If you're still not satisfied when we've finished our complaints procedure, you can take your complaint to the Financial Ombudsman Service. For more information about the Ombudsman Service, visit their website: financial-ombudsman.org.uk
Your savings are protected
Since 1884, we've been a strong, reliable and stable organisation to save with. Your eligible deposits with Coventry Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the £85,000 limit are unlikely to be covered. Ask us for more information or visit the FSCS website: fscs.org.uk
Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN