Buckinghamshire Building Society

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Junior Cash ISA

Please note that you must send in appropriate identification for the child before we can open the account. Click here for a list of acceptable children's identification.

Download an application form. Send the form, a cheque payable to the child and identification for the child to the address on the application form.


You may transfer in a Junior ISA from another provider. Part transfers are not permitted between Cash Junior ISAs. The account may only be transferred in full. To transfer a Junior ISA from another provider, download the JISA transfer in form and the application form. You will need to complete both of these forms to open this account by transfer.

Minimum balance £10

Maximum balance £4,000 for the current tax year (6th April 2014 to 5th April 2015).

Read our Frequently Asked Questions about Junior ISAs.

OPERATING THE ACCOUNT

Minimum balance is £10.

This account is a Junior Cash ISA (JISA).

The child is the beneficial owner of all funds in the account, and access is only permitted by the child on maturity of the JISA.

The JISA limit increased to £4,000 on 1st July 2014 for the current tax year (6th April 2014 to 5th April 2015). This may be saved in either a cash or stocks and shares JISA or split between one of each type.

A JISA is available to any child under the age of 18 provided that they do not have a Child Trust Fund.

A person with parental responsibility for the child must operate the account. They will be known as the Registered Contact. There can only be one registered contact for an account at any time.

Any person can subscribe to the JISA up to the annual limit.

You may subscribe into the JISA by cheque payable to the child, by cash or by bank transfer.
Money subscribed by any person is a gift to the child, and as such cannot be repaid to the subscriber if they change their mind at a later date.

Only one JISA of each type may be held in the child’s name throughout their childhood.

Withdrawals are not available on a JISA prior to the maturity date on the child’s 18th birthday, except in the case of death or terminal illness of the child.

When the child reaches 16 years of age, they may also open an adult Cash ISA, which they can subscribe to alongside their JISA.

Upon reaching the age of 16, the child may become the registered contact and operate the account themselves.

A JISA becomes an adult ISA on maturity. The former child can continue saving into the adult ISA.

Transfers in of existing JISAs are accepted from other ISA providers into this JISA while the issue is still available.

Transfers out are permitted subject to a penalty of 90 days loss of interest.

Transfers between Junior Cash ISAs can only be made with the entire funds in the account.

Part transfers are not permitted from a cash JISA to another cash JISA.

A JISA can only be opened if the child is a UK resident at the time of account opening. 

Joint accounts are not permitted.

No tax is payable on interest earned on a JISA. Additionally no tax is payable by any subscriber on money paid into the JISA.

INTEREST RATES

The interest rate is variable and we may change it at any time.

Click here to view the interest rates.

Interest is credited to the account annually at 31st December and on maturity.

Interest on a JISA is paid tax free. The Society is required by law each year to supply to HMRC particulars of all interest paid or credited to investors.

IDENTIFICATION

We must identify the child and the adult acting as the registered contact. Click here to see our identification procedures.

Please note that, for legal reasons, we are unable to open an account unless we can identify the child and the registered contact.

OTHER INFORMATION

The Society operates a 14 day cancellation period, so if you change your mind about opening an account you will receive back all your original capital plus any interest accrued.

Upon opening a JISA you will automatically become a Member and be bound by the Society's rules. Investing Members under 18 cannot vote at Society meetings, although they can receive statutory information on request. 

All new savers opening share accounts must agree to assign any further windfall rights to the Charities Aid Foundation. The application form has further details.

This account is subject to the Society’s General Terms and Conditions and the JISA Terms and Conditions.

The Society reserves the right to suspend or amend an account at any time and potential investors should check that the required issue is still available. 

The favourable tax status of ISAs is granted by the Government and may be subject to change.

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