Junior Cash ISA

You should read this product information carefully in conjunction with our Savings Terms and Conditions and ID for customers to ensure you understand the features and conditions of what you are buying. Our savings accounts are only available to UK residents. We recommend you contact your local branch to make an appointment before delivering your completed application form.

Savings Features

Account name

Junior Cash ISA

What is the interest rate?

Interest rate band

Interest rate

£50+

4.65% tax free/AER variable

Interest is variable and calculated daily and paid annually on 31 October or upon closure. Annual interest can be credited to this account, or another Newbury Building Society account or your bank account.
Rate of interest payable depends on individual circumstances and may be subject to change in the future.
If the balance falls below the minimum operating balance, a variable rate of 1.50% gross/AER will be paid.

Can Newbury Building Society change the interest rate?

You will be notified of any material downward rate change by letter or secure message.
The rate can be changed in accordance with our Savings terms and conditions. These can be accessed in branch and online at www.newbury.co.uk.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Interest rate band

Estimated balance

£50+

£1,046.50

This estimation is for illustrative purposes only and does not reflect individual circumstances.

How do I open and manage my account?

If you are opening your account without a deposit, the opening deposit must be made after the account has been approved and within 14 calendar days. Once the deposit is received, we will send the passbook to you. If the opening deposit is not received within 14 calendar days, then the account will be closed.
For children under 16, a person with parental responsibility must apply to open the account.
Over 16's can apply directly, or a person with parental responsibility can apply to open the account on their behalf.
The minimum opening and operating balance is £50.
The maximum balance is £1,500,000.
This account can be opened and operated in branch or via post.
A child is eligible for a Junior Cash ISA if, when the application is made: - They are under the age of 18. - They do not hold a Child Trust Fund. - They are resident in the UK.
JISA rules apply, please see below.
Account holder/s must be resident in England or Wales.

Can I withdraw money?

No withdrawals are permitted.
On the 18th birthday of the holder, the account will be transferred to an easy access adult Cash ISA and the holder will be able to make withdrawals.

Additional information

JISA flexibility - No. Government rules do not allow JISA's to be flexible because money cannot be withdrawn until the child turns 18.
Child Trust Fund - No. Transfers from existing Child Trust Funds, held wih another provider, are not accepted into this account.
Tax status - Tax free (interest is exempt from income tax).
Transfers out - We accept full transfer out of current and previous years subscriptions. - We also accept partial transfers out of previous years subscriptions. - We do not accept partial transfers out of current years subscriptions.
Transfers in - We accept full transfer in of current and previous years subscriptions. - We also accept partial transfers in of previous years subscriptions. - We do not accept partial transfers in of current years subscriptions.

Important notes

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.

We will require identification for all parties on a savings account, please see ID for customers for details.
Online withdrawal access is not available to account holders under 18 or accounts with an attorney, nominee or executor. These types of accounts can be opened and operated in branch.
There are no charges for the normal operation of this account. See our Savings terms and conditions for more information.

JISA rules

Annual ISA allowance

For the tax year 6 April 2024 - 5 April 2025, your allowance is £9,000

You can choose how to split your annual allowance as you wish. For example, all cash, or all stocks and shares, or split between the two.

Individual Savings Accounts (ISAs) were introduced in 1999 to replace old-style tax free savings. They allow you to invest up to a set allowance each tax year (6 April to 5 April) on which you will pay no tax on any interest you earn. A JISA is a type of ISA available to eligible children. There are two types of JISA – Cash and Stocks and Shares. You can hold one of each type until the age of 18. Once you have invested the full subscription for the year, you cannot make additional investments. The current annual ISA allowance is shown above.
Your yearly allowance does not roll over, so if you do not use it, it will not be added to the next year’s allowance. If you pay in to the account up to the maximum allowance, you cannot pay any more in, your allowance has been used up.
A JISA may only be held by an investor in his or her sole name. Joint accounts are not allowed. You must be under 18 years of age to invest in a JISA.
All JISA investments will be and must remain in the beneficial ownership of the child. Any rights in respect of your JISA may not be assigned and those rights may not be used as security for a loan.
All subscriptions to the JISA are a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind.
A JISA may not be transferred from one investor to another.
The start of the JISA is the date of the first deposit.
On the instructions of the registered contact a JISA with all rights and obligations shall be transferred to another ISA manager within five working days.
You must not subscribe more than the overall subscription amount in total to a Cash JISA and Stocks and Shares JISA in the same tax year. Once the limit has been reached for the tax year you cannot make further subscriptions.
In the event of death of the child, the JISA must cease on the date of death. Interest will be paid gross up to the date of closure. Interest arising after the date of death will be subject to deduction of income tax at the appropriate rate and should be declared to HMRC as part of the deceased tax liabilities.
For a period of 30 days after opening the JISA the registered contact may instruct us that they have changed their mind and we will return the deposit to the child, subject to cheque clearance, with any accrued interest. The 30 day cancellation period starts on the day you open your Cash ISA and ends at close of business on the 30th calendar day. To cancel the JISA you can either visit or write to your local branch, enclosing your passbook. No administration charges will be made.
For a period of 30 days after opening your ISA, you may instruct us that you have changed your mind and we will return your deposit to you, subject to cheque clearance, with any accrued interest (tax will not be deducted). Alternatively, we can help you switch to another savings account with us (conditions allowing). The 30 day cancellation period starts on the day you open your Cash ISA and ends at close of business on the 30th calendar day. To cancel your ISA agreement with us, you can either visit or write to your local branch, enclosing your passbook.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year.

Tax free is the contractual rate of interest payable where interest is exempt from tax.

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