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.

  • Earn 4.00% Gross/AER (variable) interest. Our interest ratesEarn 4.00% Gross/AER (variable) interest. Our interest rates
  • Open your account with just £1, then save up to £9000 in the 2023/24 tax year - this is the combined total you can contribute to a Junior Cash ISA and a Junior Stocks and Shares ISA.Open your account with just £1, then save up to £9000 in the 2023/24 tax year - this is the combined total you can contribute to a Junior Cash ISA and a Junior Stocks and Shares ISA.
  • Manage the account with online and telephone bankingManage the account with online and telephone banking
  • The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.

    Please read the Summary Box before moving on to apply.

    A Summary Box sets out the key features of a savings account. It's designed to help you easily compare between accounts. For full details, please the account terms and conditions.

      Summary Box:

      Junior Cash ISA

        4.00 Gross/AER* (variable)

        Interest will be earned at a daily rate and applied to the account annually on the anniversary of account opening and at account closure.

        *Gross is the interest rate paid before tax is deducted. Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.

          • Yes – The account is a variable interest rate account so we may change the interest rate which applies to the account at any time. If we are going to reduce the interest rate we will always contact you and give you at least 14 days’ notice by letter or email (depending on your paperless preferences).Yes – The account is a variable interest rate account so we may change the interest rate which applies to the account at any time. If we are going to reduce the interest rate we will always contact you and give you at least 14 days’ notice by letter or email (depending on your paperless preferences).
          • The reasons which may lead us to reduce the interest rate can be found in the “Interest” section of your Terms and Conditions of the account, and include, for example, changes in market conditions which affect interest rates.The reasons which may lead us to reduce the interest rate can be found in the “Interest” section of your Terms and Conditions of the account, and include, for example, changes in market conditions which affect interest rates.
          • If we increase the Standard Interest Rate, the new rate can be viewed in Online Banking and we may also contact you to let you know.If we increase the Standard Interest Rate, the new rate can be viewed in Online Banking and we may also contact you to let you know.

          The estimated balance would be £1,040.00.

          This is only an example and does not take into account your individual circumstances. The example assumes that no further deposits or withdrawals are made, any interest earned stays in the account and the interest rate does not change during the 12 months.

            A child can hold a Tesco Bank Junior Cash ISA if they:

            • Are under 18Are under 18
            • Do not have a Child Trust Fund (unless the Child Trust Fund is being transferred into the Tesco Bank Junior Cash ISA on opening)Do not have a Child Trust Fund (unless the Child Trust Fund is being transferred into the Tesco Bank Junior Cash ISA on opening)
            • Are resident in the UK or if not, a Crown employee serving overseas or married to or in a civil partnership with a Crown employeeAre resident in the UK or if not, a Crown employee serving overseas or married to or in a civil partnership with a Crown employee
            • For more information about this, please contact HM Revenue and Customs (HMRC)For more information about this, please contact HM Revenue and Customs (HMRC)

            You can apply online and over the telephone:

            • If the child is under 16, the application to open and manage the account must be made on their behalf by someone who has parental responsibility for themIf the child is under 16, the application to open and manage the account must be made on their behalf by someone who has parental responsibility for them
            • The person who manages the account is known as the 'Registered Contact’The person who manages the account is known as the 'Registered Contact’
            • If the child is over 16, they can apply to open and manage the account themselves by calling us on 0345 678 5678.* Please note that we are unable to accept online applications from children under 18If the child is over 16, they can apply to open and manage the account themselves by calling us on 0345 678 5678.* Please note that we are unable to accept online applications from children under 18
            • To apply you must provide details of a Linked Account in your own name (the name of the Registered Contact where the child is under 16)To apply you must provide details of a Linked Account in your own name (the name of the Registered Contact where the child is under 16)
            • You can deposit a minimum of £1, you don't need to make a minimum deposit on a regular basis and there is no maximum balance limit (subject to ISA subscription limits)You can deposit a minimum of £1, you don't need to make a minimum deposit on a regular basis and there is no maximum balance limit (subject to ISA subscription limits)
            • You can manage the Account via Online Banking, the Mobile Banking App and over the telephoneYou can manage the Account via Online Banking, the Mobile Banking App and over the telephone

            *This number may be included as part of any inclusive minutes provided by your phone operator.

              • No – the money in a Junior Cash ISA belongs to the child who can only withdraw it when he or she reaches age 18.No – the money in a Junior Cash ISA belongs to the child who can only withdraw it when he or she reaches age 18.
              • 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.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.
              • In exceptional circumstances withdrawals may be allowed, for example, where the child is diagnosed with a terminal illness. We need permission from HMRC to do this. For more information about this please contact us.In exceptional circumstances withdrawals may be allowed, for example, where the child is diagnosed with a terminal illness. We need permission from HMRC to do this. For more information about this please contact us.
              • The account can be cancelled within 30 days of receiving the welcome letter.The account can be cancelled within 30 days of receiving the welcome letter.
              • Previous years’ subscriptions from other Junior ISA providers and Child Trust Funds may be transferred into the account, see the 'Transferring a Junior ISA' section of your Terms and Conditions.Previous years’ subscriptions from other Junior ISA providers and Child Trust Funds may be transferred into the account, see the 'Transferring a Junior ISA' section of your Terms and Conditions.
              • The child can apply to become the registered contact on the account when they reach 16 years old.The child can apply to become the registered contact on the account when they reach 16 years old.
              • ISA rules are subject to change by His Majesty's Treasury.ISA rules are subject to change by His Majesty's Treasury.

              Want to learn more about what ISAs are and how they work? Check out our ISA frequently asked questions.

              Ready to apply?

              Applying should take about 10 minutes.

              Frequently asked questions about Junior ISAs

              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.

              When applying for the account you’ll need to provide details for a bank account in your own name to be the linked account.

              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 £9,000 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.

                There’s no limit to how much money can be in a Junior ISA, though there is a limit to how much you can pay in during each tax year.

                You can make as many deposits as you like up to the maximum allowance of £9,000 for the 2023/24 tax year - this is the combined limit for a Junior Cash ISA and Junior Stocks and Shares ISA.

                For example, if you saved £5,000 into a Junior Cash ISA in this tax year, the maximum which can be saved into other types of Junior ISA in the same tax year is £4,000.

                Remember, this is just for this tax year. If you’d like to transfer funds from previous tax years, then any amount can be transferred (via the ISA transfer process) without impacting your current tax year's ISA allowance - even if this exceeds £9,000.

                  You can fund your account by:

                    Making deposits:

                    • You can do this by sending money via your bank account. You’ll need your Cash ISA Sort Code and Account Number to do this – you’ll find this on your statement, your welcome letter or in Online Banking or the Mobile App.
                      • You can’t use this account for business transactions, make international payments or deposit income payments such as salary and pensions directly into the account.
                      You can do this by sending money via your bank account. You’ll need your Cash ISA Sort Code and Account Number to do this – you’ll find this on your statement, your welcome letter or in Online Banking or the Mobile App.
                      • You can’t use this account for business transactions, make international payments or deposit income payments such as salary and pensions directly into the account.

                    Transferring funds (via 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 ISAYou can transfer all, but not part, of the funds saved in an existing Junior Cash ISA to a new Junior Cash ISA
                      • If you’re transferring a Junior Cash ISA to a Junior Stocks and Shares ISA, or vice versa, you can choose to transfer the balance in full or in part.If you’re transferring a Junior Cash ISA to a Junior Stocks and Shares ISA, or vice versa, you can choose to transfer the balance in full or in part.

                      To ensure your interest payments remain tax free, you need to transfer your fund using the ISA transfer process (this process is offered by Tesco Bank and most other providers).

                        A child can only have one Junior Cash ISA at any time, but it's possible to transfer all of the money from 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 us, you can do this by using the ISA transfer process. Rest assured, we make the process quick and easy.

                          If you don't have a Tesco Bank Junior Cash ISA you'll need to:

                          • Open a new account - you can do this online, or by giving us a callOpen a new account - you can do this online, or by giving us a call
                          • During the application you’ll be asked if you’d like to transfer from another ISA providerDuring the application you’ll be asked if you’d like to transfer from another ISA provider
                          • If you choose this option we’ll include an ISA Transfer Form with your Welcome Pack If you choose this option we’ll include an ISA Transfer Form with your Welcome Pack
                          • Return the ISA Transfer Form to us. We’ll handle the transfer with your current ISA provider on your behalf. Return the ISA Transfer Form to us. We’ll handle the transfer with your current ISA provider on your behalf.

                          Once we receive your form, within 5 business days we’ll ask your existing Cash ISA provider to arrange for your funds to be transferred to your Tesco Bank Cash ISA. Your provider will have 5 business days from receiving the request to do this and the transfer should be completed within 15 business days of us receiving your form.

                          We’ll start paying interest from the day your existing Cash ISA provider sends us your money or 16 business days after we receive your form (if this is earlier). Transfers from ISAs other than Cash ISAs may take up to 30 days.

                            If you already have a Tesco Bank Junior Cash ISA account and would like to transfer funds, you can:

                            • Complete a Junior ISA Transfer Authority Form and send it to us at the address shown on the formComplete a Junior ISA Transfer Authority Form and send it to us at the address shown on the form

                            *This number may be included as part of any inclusive call minutes provided by your phone operator.

                              If you wish to move some or all of the balance of your Tesco Bank Junior Cash ISA to another provider, please contact your new provider directly - they will arrange everything with us.

                                Protecting your savings

                                Your eligible deposits with Tesco Bank 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.

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