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Junior Cash ISA

Our Junior Cash ISA is a long-term, tax-free savings account. A great way for kids under 18 to save for the future.

Who this ISA is for

  • Ideal for kids who are happy to have their savings put away until they reach 18.
  • The child must be a resident in the UK and must not already have a Junior Cash ISA.
  • They can't have both a Child Trust Fund and a Junior Cash ISA. If they have a Child Trust Fund and want this account, they would need to transfer the Child Trust Fund to a Junior Cash ISA in a branch.

The benefits

  • Get 3.65% tax free/AER variable interest.
  • Save up to £9,000 this tax year. This is the limit across all of the child's ISAs for the tax year. Payments are gifts to the child and can’t be returned.
  • The money is locked away until they turn 18.

How it works

  • Open with just £1. You can transfer a Junior ISA or Child Trust Fund in branch.
  • You must be 16 or 17 if you are opening a Junior Cash ISA for yourself, or 16 or over if you are opening the account for a child 15 or under for whom you have parental responsibility.
  • On the child’s 18th birthday, the account will change to an adult ISA Saver Variable. 

Summary box for Junior Cash ISA

  • 3.65% tax free/AER variable on balances £1 or more.

    It's a variable interest rate. It will be paid after each year on 5 April.

  • Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our account conditions (PDF, 210KB) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.

  • For example, if you deposit £1000.00 when you open the account, the balance after 12 months will be £1036.50.

    This assumes:

    • You make the deposit on the day you open the account.
    • You don't pay more money into the account.
    • You don’t withdraw any money or interest.
    • The interest rate stays the same.

  • Opening this account for a child under 16

    • You must be 16 or over, resident in the UK, and have parental responsibility for the child.
    • If you live at the same address as the child, you can open the account online. If not, you can apply in branch.
    • You can transfer a Junior ISA to this account in branch.
    • You can open this account from £1.

    Opening this account if you're aged 16 - 17

    • You can open an account for yourself online or in branch. You need to be resident in the UK and provide your national insurance number, if you have one.
    • You can transfer a Junior ISA to this account in branch.
    • You can open this account from £1.

    Managing this account

    • ISAs for children have a limit this tax year of £9,000 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.
    • You can manage the account and view its balance in branch.

  • No. You can't take money out until the child turns 18.

    You can't close it early, except in special circumstances which you can see in the account conditions (PDF, 210KB).

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

  • Savings terms explained

    Tax free means you will not pay income tax on your interest.

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    For more definitions, view our savings glossary.

Open a Junior Cash ISA

Please note:

  • You should read the summary box and the account conditions (PDF, 210KB) before you apply.
  • You may be asked to visit branch with ID.
  • You cannot have a Child Trust Fund and a Junior Cash ISA. If the child has a Child Trust Fund already, they can visit branch to transfer it to a Junior Cash ISA.

Open for a child under 16 living at your address

If the child doesn't live at your address, please visit branch to open the account.

Open for yourself if you're 16 or 17

Junior Cash ISA FAQs

  • The Junior ISA allowance for this tax year is £9,000. This can be paid into a Junior Cash ISA, a Junior Stocks and Shares ISA, or a combination of both. When the next tax year starts on the 6th April, your allowance will reset and you’ll be able to pay in another £9,000.

  • You can open a Junior Cash ISA for a child under 16 if you:

    • are aged 16 or over
    • live in the UK
    • have parental responsibility for them.

    If you live at the same address as the child, you can open the account online. If not, you can apply in branch.

  • You can make regular payments into the ISA by setting up a standing order. You can also make one-off payments from one account to another.

    You can also:

    • Transfer another Junior Cash ISA account to us. Find out how to transfer an ISA.
    • Transfer the whole or part of a Junior Stocks and Shares ISA held with another provider.
    • Transfer funds held in a Child Trust Fund.
    • Pay money into the account at one of our branches with a counter.

    Remember, you can’t pay in more than the annual junior ISA allowance limit.

Other ways to apply

In branch
Book an appointment at your local branch at a time to suit you.

Looking for a debit card for kids?

Good money habits for your child start here with Money Smart. Easily pay pocket money into your child’s account to help them get money confident.

  • If your child is aged 11 to 15, they can get their own bank account and savings account
  • You get full visibility of your child’s account activity through your Mobile Banking app or Online Banking
  • They get a VISA debit card to shop safely with, and there are no monthly fees or charges
Money Smart

Financial Services Compensation Scheme

Eligible deposits held with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme.

FSCS logo 

Visit our FSCS page