Junior ISAs

What's a Junior ISA?

Junior ISAs (the ‘ISA’ bit stands for ‘Individual Savings Accounts’) are longer-term tax-free savings accounts for under 18s. Interest on them is always paid tax-free.


For the 2022/2023 tax year, you’re allowed to put in up to £9,000.


Your annual allowance of £9,000 can be saved in a Junior cash ISA and/or a Junior stocks & shares ISA. We only offer a Junior cash ISA. 


A child can only hold one Junior cash ISA.

At the Coventry, we only offer cash ISAs

When the young person reaches 18, their Junior Cash ISA is converted to a Matured Junior ISA (an adult cash ISA) and then they'll be able to access their money if they want to. We’ll need to see some ID from them first.

Their new adult cash ISA will be subject to its own Specific Terms - we'll send them all the information they need about paying in and withdrawing money from their new account just before their 18th birthday.

 

Find out more about our Junior Cash ISA

Who’s in charge of a Junior ISA?

The account holder is the child and all the money in the Junior ISA belongs to them.

If the account holder’s under 16, a Junior ISA must be opened for them by a 'registered contact'. This must be an adult with parental responsibility for them who’ll manage the account and receive all correspondence.

There's no access to the money until age 18

It's not possible to take money out or close a Junior ISA before the child is 18, but you can transfer all the savings to another Junior ISA provider if you want to.

For more about Junior ISAs, visit the Government's website www.gov.uk and type 'Junior ISA' in the search box.

 

If your child has a Child Trust Fund, it’s simple to transfer the savings into our Junior Cash ISA. Ask us in any branch or call 0800 121 8899 and we’ll explain how it works. The registered contact will need to fill in and sign a form, and then we’ll take care of the rest. Remember: you can only hold one Junior cash ISA at a time, so you would need to transfer any Junior cash ISA funds in full.

If you’re 16 or 17, you can save in a Junior ISA and an adult ISA

You can open an ISA and, if you don't already have one, you can also open a Junior ISA on your own.

With all Junior ISAs, it's not possible to take money out or close the account before you turn 18, but you can transfer all the savings to another Junior ISA provider if you want to.

Remember that under ISA rules, over 18s are only allowed to pay into one cash ISA in each tax year, which counts towards their annual ISA allowance. So when you get to 18, if you have a cash ISA and a Matured Junior ISA and want to keep building up your tax-free savings, you'll need to decide which ISA to pay into. You might choose to transfer your ISA savings into one account, if the terms allow this.

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