Junior Cash ISA

Account Name

Junior Cash ISA

Can Skipton Building Society change the interest rate?

• Yes, the interest rate is variable, so it can go up or down.
• Section 8 of our Savings Account Terms and Conditions [PDF] explains why we may change the interest rate.
• If you have at least £100 in your account, we'll notify you in advance if we intend to reduce your interest rate.

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

The estimated balance after 12 months would be £1,040 assuming that:

• the account is opened with £1,000 and starts earning interest straight away.
• no further deposits are made.
• the interest is paid annually.
• the interest is added to this account.
• there is no change to the interest rates stated.

Estimated balances are for illustrative purposes only. They may be less for accounts opened by debit card or cheque, because interest won’t be earned until your account receives the deposit.

How do I open and manage my account?

• This account is available to UK residents aged under 18.
  • You can apply to open this account yourself if you’re aged 16 or 17.
  • Where the child is under 16 years of age, the account must be opened by a Registered Contact. The Registered Contact must be the person with parental responsibility, and they’ll be authorised to operate the account for the eligible child (the child). Once the child turns 16, they can apply to become the Registered Contact responsible for managing their own Junior Cash ISA. In that case, the original Registered Contact would no longer be able to operate the account.
• You can open and manage it in branch or by post. You may be required to set up appropriate security and access measures, and these might differ depending on how you choose to manage the account.
• The minimum opening and operating balance for this account is £1.
• Subsequent payments in can be made from £1.
• You can pay in your total Junior ISA allowance each tax year (currently set at £9,000 per tax year).
• You can also request a transfer in from another Junior ISA you have with another provider.
• The maximum balance for this account is £1 million.
• Joint accounts aren’t allowed.
• Only one Junior Cash ISA can be held in the child’s name at any one time.

Can I withdraw money?

• Withdrawals are not allowed until the child is 18, at which point only the child will be able to withdraw their savings.
• When the child turns 18, which is known as ‘maturity’, the account will automatically transfer the money into an easy access Cash ISA for adults. You can find out more about the maturity process in term 7 of the further terms and conditions.

Additional information

• The Annual Equivalent Rate (AER) shows what the interest rate would be if interest was paid and added each year.
• All ISA interest is paid tax-free, which means it’s exempt from income tax. Tax rules may change in future.
• Accounts can be withdrawn from sale at any time and without notice.