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Junior ISA

If you like the idea of building up a tax-free^ nest egg for your child's future, our Junior Cash ISA could be just what you're looking for.
  • Would you like to make the most of tax-free^ savings for your child?
  • Are you looking for a variable rate of interest?
  • Do you want to save for your child's future?
3.25%
Tax-free^ p.a./AER* variable

At a glance

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 £4,000 in the 2014/2015 tax year.

The junior ISA limit for the 2014/2015 tax year is £4,000 and this can be divided between a junior cash ISA and a junior stocks and shares ISA.

  • Anyone can pay money into a Junior Cash ISA - parents, grandparents, other family members and friends
  • Earn a great variable rate of 3.25% tax-free^ p.a./AER*
  • Although all the money saved in the Junior Cash ISA belongs to the child, there is no access to the money until the child reaches 18 years of age
  • Interest is paid annually to the account on 30 September and finally when the child reaches 18

A Junior Cash ISA can be opened for any child under the age of 18, provided they were not eligible to have a Child Trust Fund** and they do not already have a Junior Cash ISA with another provider. The child must also be a UK resident.

Please read the Junior Cash ISA leaflet for further information about opening the account for a child

How it works

Managing the account

Once you have opened a Junior Cash ISA, you can pay money in whenever you like up to the annual maximum investment limit. Plus we'll send you an annual statement so you can watch your child's savings grow.

If you would like to talk to us about the account, give us a call or pop into a branch.

Paying money in

Anyone can pay money into a Junior Cash ISA - parents, grandparents or other family members and friends. These payments can be made in the following ways:

  • Cash or cheque in branch
  • Cheque in the post
  • Arrange an electronic payment from your bank or building society account, or set up a standing order to make regular deposits
  • Transfer money from another Coventry account
  • We will also accept transfers of Junior ISAs held with another ISA provider, subject to Junior ISA regulations

Withdrawals

There is no access to any of the money invested in a Junior Cash ISA until the child reaches 18 years of age. All funds saved into the account belong solely to the child and they can only make a withdrawal from the age of 18 onwards
Funds held in the Junior Cash ISA may be transferred to another ISA provider, subject to Junior ISA regulations

Interest

Interest is paid annually on 30 September and is added to the account. When the child reaches 18 the final interest payment will be credited and the account will then be transferred into an adult cash ISA

How to apply

You have a choice of ways to apply for this account:


Request an application pack

Give us your details and we'll send you all the information you need in the next post, along with an application form.

Give us a call

Our friendly team are waiting for your call - simply get in touch on 0845 766 5522.

Pop into branch

We're always happy to see you face-to-face and take you through the application process - simply pop into your nearest branch.

Opening guide

The Junior Cash ISA can be opened for any child under the age of 18, provided they do not already hold a Child Trust Fund* and they do not already have a Junior Cash ISA with another provider. The child must also be a UK resident.

Children under the age of 16 will need an adult with parental responsibility for them (known as the Registered Contact) to open and manage the account on their behalf. If the child is 16 years of age or older (up to the day before their 18th birthday) they can open a Junior Cash ISA in their own name, without an adult being named on their account.

Registered Contact

A Registered Contact is a parent, or someone who has been given parental responsibility for the child. It could also be the child themselves, if they are 16 years of age or over and opening the account in their sole name. The Registered Contact must be a UK resident.
The Registered Contact has responsibility for opening and managing the Junior Cash ISA and will receive all correspondence, until the child reaches their 18th birthday. However, once the child reaches 16 years of age, he or she can ask for the Registered Contact to be removed from the account, meaning the child would then have sole responsibility for managing their Junior Cash ISA.

Child under 16

  • A Junior Cash ISA must be opened by the 'Registered Contact'. This is someone with parental responsibility for the child
  • The Registered Contact will need to complete the application form and sign the declaration
  • The application form will also include the child's details

Child aged between 16 and 18

  • A Junior Cash ISA can be opened in the child's own name if they wish
  • They will need to complete the application form, include their National Insurance number and then sign the declaration
  • Where the child is aged 16 or over, they can choose to have an adult with parental responsibility named on the account. The adult will need to complete and sign the application form and sign the declaration

Returning the application form to us

Once the application has been fully completed please return it to us together with a cheque for the opening deposit. Please make any cheques payable to the child, do not make cheques payable to the Society.

We will carry out an electronic check to confirm the identity of the Registered Contact. If we require identification (ID), details will be included in the application pack. The ID documents we will need to see for the child will normally be their birth certificate and medical card.

Once the account is open, we'll then post a welcome pack confirming the Junior Cash ISA details.


*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. The gross rate is the interest rate payable before the deduction of tax.

^Interest on ISAs is paid tax-free, that is gross with no tax deducted.

**Child Trust Funds were available to all eligible children from 1 September 2002 until 2 January 2011.

Junior 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.

Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk). This site is intended for UK residents only. Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street, Coventry CV1 5QN.

Our advisors are available Monday to Friday 8am-8pm, Saturday 9am-5pm, Sunday 10am-4pm, telephone self-service is available 24 hours a day, 365 days a year. Contact your service provider for details of call charges, as costs may vary. Find out why we use an 0845 number. To maintain a quality service, calls made to and from Coventry Building Society may be monitored and recorded.