Junior Cash ISA

Start saving for your children - tax free

  • Tax free savings for children - save up to £3,840 in the 2014/15 tax year
  • Save for their future - help them make a great start in life
  • Apply online - or on the phone, and start saving from just £1

The money in a Junior Cash ISA belongs to the child who can only withdraw it when he or she reaches age 18.

The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depend on individual circumstances.

Key features

About the Junior ISA

Junior ISAs are tax-free savings accounts for children under age 18 who don't have a Child Trust Fund. They're a simple and affordable way for you to save for your child's future. What's more, other people can save into your child's Junior Cash ISA as well - grandparents, relatives and friends - so long as the total savings in all Junior ISAs don't exceed the limit - £3,840 in this tax year. For example, if your child has a Junior Stocks and Shares ISA and a Junior Cash ISA and £2,000 has been saved into a Junior Cash ISA in a tax year, the maximum which can be saved into the Junior Stocks and Shares ISA in the same tax year is £1,840.

Benefits

  • Tax free - there's no tax to pay on the interest earned
  • Easy to save - you can make regular monthly payments or save a lump sum
  • Easy to manage - manage the Junior Cash ISA online or on the phone

Interest rates

Junior Cash ISAGross / AER
Interest rate 3.00% (variable)

Rate correct as at 6 November 2012.

Annual Equivalent Rate (AER) illustrates what the interest rate would be if it was paid and compounded each year.

Terms & conditions

To help you decide whether the Tesco Bank Junior Cash ISA is right for you please read the cash ISA Key Features Document and terms and conditions.

Access / Transfers

Transfers to and from another Junior Cash ISA

If you want to move your money from a Junior Cash ISA with another provider to a Tesco Bank Junior Cash ISA or from a Tesco Bank Junior Cash ISA to a Junior Cash ISA with another provider, you can do this by using the ISA transfer process.

You can transfer:

  • all but not part of the funds saved in an existing Junior Cash ISA to a new Junior Cash ISA.
  • all or part of the funds in a Junior Cash ISA saved in a previous tax year to a Junior Stocks and Shares ISA
  • if all of the money held in a Junior Cash ISA is transferred into a Junior Stocks and Shares ISA, a new Junior Cash ISA can be opened

A child can only have one Junior Cash ISA at any time, but it is possible to transfer all of the money in an existing Junior Cash ISA to another Junior Cash ISA providing the existing Junior Cash ISA is then closed.

Other providers may have restrictions or charge a fee on transfers, so you should always check this with them before transferring money to or from another provider.

Transferring an existing Junior ISA to Tesco Bank

  • By phone - call us on 0845 678 5678
  • Online - existing Junior ISA customers can download and complete a Junior ISA transfer form [679KB PDF] and send it to us at the address shown on the form. New customers should complete an application either online or by telephone, we can begin the transfer process during the application.

Making a transfer from a Tesco Bank Junior Cash ISA

If you wish to close your Tesco Bank Junior Cash ISA and transfer the balance to another provider, please contact your new provider directly - they will arrange everything with us.

Eligibility

Before you apply

There are two types of Junior ISA - a Stocks & Shares Junior ISA and a Cash Junior ISA. A child can only have one Stocks & Shares Junior ISA and one Cash Junior ISA at any time. The Junior ISA allowance for the 2014/15 tax year is £3,840. This is the maximum total amount that can be saved altogether into a Stocks & Shares Junior ISA and a Cash Junior ISA. The tax year runs from 6 April to 5 April the following year.

No money can be withdrawn from a Junior Cash ISA until the child reaches age 18, but it can be transferred to another Junior ISA before the child reaches age 18.

Tesco Bank only offers a Junior Cash ISA.

Who is eligible?

Junior ISAs replaced Child Trust Funds (CTF). Any child under age 18 who doesn't have a CTF and who is resident in the UK can have a Junior ISA.

Who can open an account?

Anyone with parental responsibility for a child can open a Junior ISA. So if you're a parent or guardian of an eligible child you can open a Junior Cash ISA for them. A child aged 16 or over can open a Junior Cash ISA themselves but they can only do this by calling us to apply.

Only someone with parental responsibility can open a Junior Cash ISA or a child over 16. The child must be a UK resident. If you’ve already subscribed to a Junior Cash ISA, you can only open a Junior Cash ISA with us if you transfer all your subscriptions from the existing provider, to a Tesco Bank Junior Cash ISA. Your ISA provider may charge a fee to transfer funds. Children with a Child Trust Fund are not eligible for a Junior Cash ISA.



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