Junior Cash ISA

A long-term, tax-free savings account for children who are under 18

Following the introduction of the Government Junior ISA scheme, we offer a Junior Cash ISA as a long-term tax-free savings account for under 18s. The account is opened by an adult with parental responsibility if the child is under 16, or by the child if they are aged 16-17.

Please read the summary box before applying

At a glance

Interest rates

Features and benefits

Keep in mind

Withdrawals

Access

Earn 2.50% tax free/AER variable

  • Start saving with just £1. Deposits can be made by anyone (subject to annual Junior ISA allowance)
  • Unlimited number of deposits – up to £4,128 less any amount paid into a Junior Stocks & Shares ISA in the same tax year
  • Interest is paid annually (on 31st March) at a tax free, variable rate.
  • Only one Junior Cash ISA can be held for any one child.
  • You must be 16 or over, resident in the UK for tax purposes, and have parental responsibility for the child. If you’re 16 or 17 and resident in the UK for tax purposes, you can open this account yourself
  • You can open your account online or in branch. You can manage and view the balance in branch but not online
  • If you’re transferring a Child Trust Fund, you can only open a Junior Cash ISA in branch.
  • You can also transfer an existing Junior ISA to us
  • Branch

Earn 2.50% tax free/AER variable

Features and benefits

  • Start saving with just £1. Deposits can be made by anyone (subject to annual Junior ISA allowance)
  • Unlimited number of deposits – up to £4,128 less any amount paid into a Junior Stocks & Shares ISA in the same tax year
  • Interest is paid annually (on 31st March) at a tax free, variable rate.

Keep in mind

  • Only one Junior Cash ISA can be held for any one child.
  • You must be 16 or over, resident in the UK for tax purposes, and have parental responsibility for the child. If you’re 16 or 17 and resident in the UK for tax purposes, you can open this account yourself
  • You can open your account online or in branch. You can manage and view the balance in branch but not online
  • If you’re transferring a Child Trust Fund, you can only open a Junior Cash ISA in branch.
  • You can also transfer an existing Junior ISA to us

Withdrawals

Access

  • Branch

Summary Box - Junior Cash ISA

1. What is the interest rate?

It’s a variable rate, as shown in the table below.

Your balanceAnnual interest
Tax freeAER
£1+ 2.50% 2.50%
  • Your interest is paid annually on 31 March each year

2. Can Bank of Scotland change the interest rate?

Yes.

As this account pays a variable rate of interest the rate can change over time. For example we might review the interest rate if the Bank of England bank rate changes. We’ll always let you know of any planned changes to the rate. Our terms and conditions explain when and how we do this.

3. What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid:

Initial depositTax free rateBalance after 12 months
£1000.00 2.50% £1025.00

This example assumes that:

  • You don’t withdraw any money and interest isn’t paid out of the account
  • The interest rate stays the same
  • You make your initial deposit payment on the day you open the account
  • You don’t make any further deposits.

4. How do I open and manage my account?

You can open your account online or in branch. You can manage and view the balance in branch but not online.

Opening this account on behalf of a child under 16

  • You must be over 16, resident in the UK for tax purposes, and have parental responsibility for the child.
  • If opening an account for the child online, you must be living at the same address as them. If you don’t, you can apply in branch.
  • If you’re transferring a Child Trust Fund, you can only open a Junior Cash ISA in branch.
  • You can open this account from £1.

Opening this account if you’re aged 16 - 17

  • If you’re 16 or 17 and resident in the UK for tax purposes, you can open this account yourself.
  • You can open this account from £1.

Managing this account

  • ISAs for children have a limit this tax year of £4,128 for new contributions in a tax year. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or any combination of the two.

5. Can I withdraw money from this account?

Closures or withdawals from any Junior Cash ISA are not allowed until the child reaches 18, except in special circumstances which you can see in the Junior Cash ISA account conditions (PDF).

When the child reaches 18 the account matures to an adult cash ISA where the child can continue to save tax free.

6. Additional information

If you have a Child Trust Fund and want to open a Junior Cash ISA, you’ll have to transfer the full balance into the Junior Cash ISA when you open it.

Tax free is the rate of interest payable to you where your interest is exempt from income tax.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

FSCS


Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). For further information about the compensation provided by the FSCS, refer to the FSCS website at www.fscs.org.uk/. You can also visit our Financial Services Compensation Scheme page for more details.

FSCS logo

Open a Junior Cash ISA today.

Open for a child under 16

Open yourself if aged 16 to 17

Find your nearest branch

You may be asked to visit branch with identification documents. Managing your Junior Cash ISA can only be done in branch.

We recommend that you download and read the account conditions (PDF) carefully as they form a legal contract with us. If there is anything you do not understand, please contact us before you agree to them (as part of the application).

Please note:
Rates of interest are subject to change. Rates effective from 0.00am on 01/09/2016. To check effective dates for all our savings products please see our interest rates section.

For a definition of AER, Gross and other terms please view our savings glossary.