Cash Junior ISA
|Interest rate||2.00% Gross/AER
The interest is paid annually.
|Can the interest rate change?||Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Terms and Conditions of the account.
If we are decreasing the interest rate we will notify you before the reduction but within 14 days before the change takes effect.
|Estimated balance after 12 months based on £1,000 deposit||£1,020.00
This is an example based on an initial deposit of £1,000 made on account opening and assumes no further deposits or withdrawals are made throughout the year and that the interest rate does not vary during the 12 month period.
|How do I open and manage my account||The account is available to any child under the age of 18 who is resident in Northern Ireland and wasn’t eligible for a Child Trust Fund (CTF), this includes:
The account can be opened and operated at any of the Society’s branches, agencies or by post.
There is a minimum lodgement of £1 required to open the account.
|Can I withdraw money?||No, withdrawals are not allowed before the child turns 18 years of age, unless there are extreme circumstances such as death or a terminal illness.|
- This is a passbook operated account. The passbook must be produced when transacting on the account.
- Any subscriptions made to a Cash Junior ISA are a gift to the child and cannot be repaid to the subscriber once the funds are lodged to the account.
- You can save up to a maximum of the annual Junior ISA allowance (currently £4,128 for tax year 2017-2018).
- This is a tax free account which means the interest paid 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. The AER allows you to easily compare the interest rate on savings accounts. The higher the AER, the better the return on your savings.
- Gross rate quoted is the taxable rate of interest without deduction of income tax.
- The information provided is a summary of the key features of the savings account and it is not intended to be a substitute for reading the Terms and Conditions that apply to the account.
- For further information refer to the Terms and Conditions of the account contained within the Cash ISA Savings booklet and the Society’s Savings Service Agreement.
- The interest rate is correct as at 1 September 2016.
Before you apply, please make sure you read the Summary Box, the account Terms and Conditions and the Savings Service Agreement in full. You can save or print a copy of the PDFs for future reference.
If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for postal applications, for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.
You can view any charges that relate to our investment accounts in our Tariff of charges leaflet.
It is important that you read the account Terms and Conditions, Savings Service Agreement and review the account Summary Box carefully as these contain the details of your agreement with us for this account and we will rely on them for our relationship with you.
Visit your local branch to open this account.
To open this account by post:
- review the Summary Box on the previous tab;
- read the account Terms and Conditions and the Savings Service Agreement;
- review the FSCS leaflet for further information or visit www.fscs.org.uk;
- download the application form;
- return the completed form with your cheque to the branch you want your account opened in.
We recommend that you download a copy of the documents and retain for your records.