Junior ISA - cash savings accounts for children
Start saving for your children - tax-free
A Junior Cash ISA is a simple, affordable way to save for your child’s future if they don’t have a Child Trust Fund. The money in the ISA belongs to the child, who can withdraw it when they reach 18.
How our Junior Cash ISA works
Who can open an account?
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.
Other people can save into your child's account as well - grandparents, relatives and friends - so long as the total savings in the Junior ISAs don't exceed the limit of £4,260 in this tax year.
A young person aged 16 or over can open an account themselves but they need to call us to apply. They can’t do it online.
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 us. Your ISA provider may charge a fee to transfer funds.
Children with a Child Trust Fund are not eligible for a Junior Cash ISA.
Making deposits
Flexible tax-free savings
You can save up to £4,260 tax free in the 2018/19 tax year - this is the combined total for a Junior Cash ISA and a Junior Stocks and Shares ISA.
Contact your account provider to make regular or one off payments into your account. You’ll need your Junior Cash ISA Sort Code and Account Number to do this.
To understand more about different types of ISA and your tax-free savings allowance, take a look at the important information. Types of ISA
Transferring an existing Junior ISA to Tesco Bank
How it works and what you can transfer
A child can only have one Junior Cash ISA at any time, but it's possible to transfer all of the money in an existing Junior Cash ISA to another Junior Cash ISA providing the existing account is then closed.
If you want to move your money from a Junior Cash ISA with another provider to a us, you can do this by using the ISA transfer process. Rest assured, we make the process quick and easy.
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
- all of the money held in a Junior Cash ISA to a Junior Stocks and Shares ISA, then a new Junior Cash ISA can be opened
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.
How to transfer to Tesco Bank
There are two ways to transfer a Junior Cash ISA to Tesco Bank:
- Call us on 0345 678 5678. This number may be included as part of any inclusive call minutes provided by your phone operator.
- Download and complete a Junior ISA Transfer Authority Form and send it to us at the address shown on the form.
- Junior ISA Transfer Authority Form PDF, 588kb
New customers should also complete an application either online or by telephone, so we can begin the transfer process during the application. That will help us set up your ISA as quickly as possible.
Access to your money
Who can access the money and when
The money in a Junior Cash ISA belongs to the child who can only withdraw it when he or she reaches age 18 - a great start to adult life.
No money can be withdrawn from the account until the child reaches age 18, but it can be transferred to another Junior ISA before the child reaches age 18.
So if you want to close your Tesco Bank Junior Cash ISA and transfer the balance to another provider, you just have to contact your new provider. They'll arrange everything with us using the ISA Transfer process.
Our interest rates
Interest rates
The current annual interest rate is 3.15% Gross/AER (variable). Rate correct as at 1 December 2017.
Please note that rates aren't fixed and may be subject to change.
Interest rate definitions
Gross is the interest rate paid before tax is deducted.
Annual Equivalent Rate (AER) illustrates what the interest rate would be if it was paid and compounded each year.
How interest is calculated
Interest is calculated daily and is added to your Junior Cash ISA account on the anniversary of the account opening. The interest paid is tax free.
The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

Financial Services Compensation Scheme
Your eligible deposits with Tesco Bank are currently protected up to the current Financial Services Compensation Scheme limit, the UK's deposit protection scheme. Any deposits you hold above the current limit are not covered.
Other ways to save
- Compare
- Instant Access Cash ISA
- Instant Access Savings
Important information
Terms & conditions
We want you to be happy with your savings account. To help you decide whether the Tesco Bank Junior Cash ISA is right for you please read the key features document and terms and conditions.
Summary Box
Summary Box for our Junior Cash ISA
Account name | Junior Cash ISA |
---|---|
What is the interest rate? |
*Gross is the interest rate paid before tax is deducted. Annual Equivalent Rate (AER) illustrates what the interest rate would be in paid and compounded each year. |
Can Tesco Bank change the interest rate? |
|
What would the estimated balance be after 12 months based on a £1,000 deposit? | The estimated balance would be £1,031.50. This is only an example and does not take into account your individual circumstances. The example assumes that no withdrawals are made, any interest earned stays in the account and the interest rate does not change during the 12 months. |
How do I open and manage this account? | A child can hold a Tesco Bank Junior Cash ISA if they:
You can apply online and over the telephone:
|
Can I withdraw money? |
|
Additional information |
|
** This number may be included as part of any inclusive call minutes provided by your phone operator.
Types of ISA and allowances
There are two types of Junior ISA: a Junior Stocks and Shares ISA and a Junior Cash ISA.
A child can have one Junior Stocks and Shares ISA and one Junior Cash ISA each tax year. The tax year runs from 6 April to 5 April the following year.
The Junior ISA limit for 2018/19 tax year is £4,260. This is the maximum amount you can pay into a Junior ISA each tax year.
This can be paid into a Junior Stocks and Shares ISA, a Junior Cash ISA or a combination of both.
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.
If you decide to cancel your Junior Cash ISA, this won't affect the child's ISA allowance for the current tax year and you can still open another Junior Cash ISA in that tax year. You have 30 days from receiving your welcome letter to cancel your Junior Cash ISA. If you do cancel, we'll refund the money you've paid in.
Contact us
Have a question or need help applying? Our friendly, UK-based customer service team is here to help.