Junior ISA

Our Junior ISA is a long-term, tax-free savings account for children. As a flexible savings account you can vary the amount you save, starting with a £1 deposit. Start saving for your child's future and take advantage of the Junior ISA subscription limit (currently £4,368 for the tax year 2019/20) and benefit from an interest rate of 2.00% tax-free p.a./AER*

Read our ISA guide to find out more

Account details

  • Branch only savings offer


  • Variable rate


  • Limited issue – may be withdrawn at anytime


  • Earn interest tax-free*


  • £1 required to open an account


  • Transfers in of external Junior ISAs and Child Trust Funds accepted


Summary table

Account name

Junior ISA

What is the interest rate and is it fixed?
The annual interest rate is variable and currently set at 2.00% p.a./AER*. The annual interest is tax-free

The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our terms and conditions

Will I be taxed on the interest?

No. The interest you'll receive will be tax-free

Is there a bonus on this account?

No, there is no bonus payable on this account

Can I withdraw money?

No, withdrawals are not allowed during the term of the account. Transfers out to other Junior ISA providers is allowed

How can I open an account with The Nottingham?

To open a Junior ISA simply call your local branch to speak to an adviser. They'll arrange a time for you to pop in and open your account

Additional information

There are other savings accounts available with The Nottingham and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point

Key product information

To find out more download the key product information guide


 

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With a Lifetime ISA, you'll receive £1 from the Government for every £4 you save

It sounds too good to be true but this time it's not! If you’re saving for your first home or retirement and aged between 18 and 39 years you could earn up to £1,000 per year from the Government until you reach your 50th birthday.

We have a range of savings accounts to suit everyone

We have a range of accounts we're sure will meet your savings needs, from ISAs to children's savers, fixed rates to easy access, regular savers to limited access bonds. We even have a Lifetime ISA for those savings towards their first home or retirement

Want to discuss one of our savings products?

Visit a branch or call our customer service team to find out more about our accounts

Your savings are protected

Your eligible deposits with Nottingham Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.

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Opening an account

Find out if you're eligible for a Junior ISA below.

In order to open a Junior ISA you must:

  • Have parental responsibility for a child who is:
    • a UK resident
    • under the age of 18
  • Have £1 to open the account
  • Meet our ID requirements
If you’re 16 or 17 and resident in the UK for tax purposes, you can open this account yourself. 

Call your local branch to find out how you could benefit from a Junior ISA.

Managing your account

Paying money in

The minimum amount to open an account is £1. You can make an unlimited amount of deposits up to the maximum allowance of £4,368 this tax year. You can also transfer in external Junior ISAs and Child Trust Funds, provided the full balance is transferred. 

You will start to earn interest on the amount you transfer from the day that we receive your funds electronically from your current ISA provider, or from the second day that we receive a transfer cheque. Under the HMRC (HM Revenue and Customs) guidelines your current provider is obliged to complete the transfer within 15 days of receiving the request from us.

If you would like to use your maximum Junior ISA allowance (£4,368) by investing in a stocks and shares Junior ISA too, we can offer this through our financial planning service. Please note that with a stocks and shares Junior ISA, their value can fall as well as rise.

Taking money out

No withdrawals can be made until the child reaches 18. You must keep at least £1 in your account at all times. 

What happens when the term ends?

The Junior ISA is a term account and when the term ends on the child's 18th birthday, the account balance will be transferred to our instant access Cash ISA or the nearest equivalent at the time. As per the terms and conditions of the account, once the young person reaches their 18th birthday, the adult's name will be removed from the account. Following this, they will have full control over the management of the account and the funds deposited. They will continue to earn tax-free interest at the prevailing variable Cash ISA rate.

Rates and account details

Find out more about the particulars of a Junior ISA below.

When will my interest be paid?

We'll pay annual tax-free interest into the Junior ISA on 5th April each year until the account matures on the child's 18th birthday.

Junior ISA FAQs

Read the top three questions we're asked the most by our members about the Junior ISA.

What is a Junior ISA?

A Junior ISA is a long-term tax-free savings account for children. ISA stands for Individual Savings Account. Our Junior ISA is available in branch and currently has no withdrawal arrangements on the account which means the money is safe in the account until the child turns 18. We will pay annual tax-free interest into the Junior ISA on 5th April each year until the account matures on the child's 18th birthday.

How much can you put in a Junior ISA?

The Junior cash ISA limit is £4,368 for the 2019/20 tax year. You can transfer the funds in a Junior ISA to another provider but you cannot withdraw. You don’t have to fill the account with the ISA allowance each year but you will lose the allowance for that particular tax year if you do not use it. Money in Junior ISAs cannot be withdrawn until the child is 18 and in control of the account.

Who can open a Junior ISA?

The child for whom the Junior ISA is open for must be under 18 and living in the UK. The parent or guardian of the child can open and manage the account but the money belongs to the child. The parent or guardian has no control over the account once the child turns 18 and has access to their money. The child can control the account from age 16 but cannot withdraw funds until age 18. 

16 and 17 year olds can have both a Junior ISA or a cash ISA. Some ISA providers will also let 16 year olds open cash ISAs however the Lifetime ISA can only be opened at age 18.

Use our savings calculator to find out how your savings might grow over the months.

Current interest rates from 6 Apr 2017

Balance Tax-free p.a./AER*
£1 2.00%

*We will pay your interest free of UK income tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The tax treatment of ISAs may also change. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year. Interest rates are variable unless otherwise stated.

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