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Junior Cash ISA (1)


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Tax-free^ p.a./AER*
Variable
Important note - From 1 December 2017, the variable interest rate on this account will increase to 3.50% tax-free p.a./AER.

Build up your child’s tax-free savings in our longer-term, no-access cash ISA.
FSCS logo
Your savings are protected

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 limit are unlikely to be covered.

Please click here  FSCS protect  (PDF 3.7MB) for further information or visit www.fscs.org.uk

Do you want to put money away to build up your child’s tax-free savings? Junior Cash ISA (1) is a longer-term, no-access account to help you save for your child’s future, with a variable interest rate. 

The Financial Conduct Authority is a financial services regulator. It requires us, 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 page carefully so that you understand what you’re buying, and then keep it safe for future reference.

Summary box


Account name
Junior Cash ISA (1)
What is the interest rate?
  Annual interest
(Variable)
Balance Tax-free^p.a./AER*
£0.01 plus 3.25%

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.

Important note
From 1 December 2017, the variable interest rate on this account will increase to 3.50% tax-free p.a./AER.

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?
£1,035.00

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.

This illustration is calculated based on a variable interest rate of 3.50% tax-free p.a./AER, which is the interest rate effective from 1 December 2017.
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 JISA for the child. For the 2017/2018 tax year, the allowance is £4,128.

Can I withdraw money?
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.
Additional information

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

^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.

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 young person is 16 or 17, they can open a Junior cash ISA on their own.

All the money in the account belongs solely to the account holder.

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 view it here.

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 – have a chat with our specialists at any branch or by calling 0800 121 8899.

Ways to apply


Order a pack & apply by post

Request a pack

Pop into your local branch

Find a branch

Call us on
0800 121 8899

Compare our accounts

We believe in being open and honest. We want you to make an informed choice. That’s why we've built this tool to help you compare our accounts with other providers.

This tool uses the latest data from moneyfacts.co.uk, an independent comparison service. Moneyfacts aim to include at least 95% of providers of UK-based personal savings accounts. 

What’s missing? Our tool omits any accounts with special conditions for opening (for example, you have to already hold an account with the provider).

Remember: there’s more to a savings account than just the interest rate. You can compare access terms, how to pay in and other criteria – then make your own mind up.

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