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  • Junior Cash ISA

    • Overview
    • Interest Rates
    • How to Apply
    Full Details
    • Account name

      Junior Cash ISA

    • What is the interest rate?

      £10 plus   1.75% gross pa / AER *

    • Can Buckinghamshire Building Society change the interest rate?

      Yes, interest rates are variable and we can change them at any time. Section 7 of our General Terms and Conditions has further details.

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

      The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,017.50.
      This estimation assumes that £1,000 is deposited on 1 January with no deposit or withdrawal transactions made and interest subsequently paid gross on 31 December. These figures are for illustrative purposes only

    • How do I open and manage my account?

      Open an account with a minimum of £10 in person or by post. You can pay in money up to the annual JISA limit at any time.

    • Can I withdraw money?

      No, funds can only be accessed on maturity which is the child’s 18th birthday.

    • Additional information

      You must be aged under 18 to open this account. A parent must operate the account if the child is aged under 16.

    Effective: 01 July 2018
    Balance Gross PA/AER
    £10 1.75%
    Previous rates effective: 01 October 2016
    Gross PA/AER
    1.75%

    To Open an Account

    Download and complete the application form and return it to us by post or to the branch.

    Financial Services Compensation Scheme (FSCS)

    You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

    The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

    Verifying your Identity

    In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents

* AER stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. Interest on Cash ISAs is paid tax free.

How much can I save?

You can save up to £4,260 for the current tax year (6th April 2018 – 5th April 2019). This can be saved in either cash or stocks and shares JISA or split between each type.

What do I need to know before opening this account?            

  • This is available to any child under the age of 18 providing they do not have a Child Trust Fund and are a resident of the UK. 
  • Only one JISA of each type (cash, stocks and shares) may be held in the child’s name up to the age of 18.
  • The JISA will mature on the child’s 18th birthday. The JISA becomes an adult ISA on maturity and the former child can continue saving into the adult ISA.
  • A person with parental responsibility for the child must operate the account – known as the Registered Contact. Once the child reaches 16 years of age the child may become the Registered Contact on the account.
  • There can only be one Registered Contact at any one time. Joint accounts are not permitted
  • Once the child reaches 16 year of age, they may also open an adult Cash ISA which they can subscribe to alongside their JISA.
  • The child is the beneficial owner of all funds and access is only permitted by the child on maturity of the JISA.
  • Any 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.
  • Money can be subscribed by cash, cheque, bank transfer or debit card to the JISA up to the annual limit. Cheques should be made payable to the child.

How can I take my money out? 

  • Withdrawals are not available until it matures on the child’s 18th birthday except in the case of death or terminal illness of the child.  Once the JISA matures it becomes an adult ISA and the former child can continue to save into it or withdraw the money.
  • Transfers in of existing JISA’s 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 ISA’s can only be made with the entire funds in the account.  Part transfers are not permitted from a cash JISA to another cash JISA.

How to I transfer my cash ISA to another provider?                

  • Ask your new provider for a transfer form.
  • Complete the form and send it to us together with your passbook.
  • We will transfer your money to your new provider.
  • Remember if you withdraw your money instead of transferring, you cannot replace the amount withdrawn into an ISA in the current tax year.

Can I cancel?    

We operate a 14 day cancellation period from the date you open the account. If you change your mind you can receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

Interest Rates

The interest rates are variable and interest is paid annually at 31st December into the account. Interest on a Cash ISA is paid tax free.

 

 

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* AER stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places. Gross interest is the rate payable to you. Interest on Cash ISAs is paid tax free.

How much can I save?

You can save up to £4,260 for the current tax year (6th April 2018 – 5th April 2019). This can be saved in either cash or stocks and shares JISA or split between each type.

What do I need to know before opening this account?            

  • This is available to any child under the age of 18 providing they do not have a Child Trust Fund and are a resident of the UK. 
  • Only one JISA of each type (cash, stocks and shares) may be held in the child’s name up to the age of 18.
  • The JISA will mature on the child’s 18th birthday. The JISA becomes an adult ISA on maturity and the former child can continue saving into the adult ISA.
  • A person with parental responsibility for the child must operate the account – known as the Registered Contact. Once the child reaches 16 years of age the child may become the Registered Contact on the account.
  • There can only be one Registered Contact at any one time. Joint accounts are not permitted
  • Once the child reaches 16 year of age, they may also open an adult Cash ISA which they can subscribe to alongside their JISA.
  • The child is the beneficial owner of all funds and access is only permitted by the child on maturity of the JISA.
  • Any 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.
  • Money can be subscribed by cash, cheque, bank transfer or debit card to the JISA up to the annual limit. Cheques should be made payable to the child.

How can I take my money out? 

  • Withdrawals are not available until it matures on the child’s 18th birthday except in the case of death or terminal illness of the child.  Once the JISA matures it becomes an adult ISA and the former child can continue to save into it or withdraw the money.
  • Transfers in of existing JISA’s 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 ISA’s can only be made with the entire funds in the account.  Part transfers are not permitted from a cash JISA to another cash JISA.

How to I transfer my cash ISA to another provider?                

  • Ask your new provider for a transfer form.
  • Complete the form and send it to us together with your passbook.
  • We will transfer your money to your new provider.
  • Remember if you withdraw your money instead of transferring, you cannot replace the amount withdrawn into an ISA in the current tax year.

Can I cancel?    

We operate a 14 day cancellation period from the date you open the account. If you change your mind you can receive back your original capital plus any interest accrued.

Tax Residency

We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

Interest Rates

The interest rates are variable and interest is paid annually at 31st December into the account. Interest on a Cash ISA is paid tax free.

 

 

Further Information

To Open an Account

Download and complete the application form and return it to us by post or to the branch.

Financial Services Compensation Scheme (FSCS)

You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

Verifying your Identity

In order to help you to keep your money safe from fraud we verify the identity of all customers opening a new savings account with the Society. Click here to see the list of required ID documents