Junior Cash ISA

Start saving for a child's future by opening a Junior Cash ISA and you can enjoy an attractive rate of tax-free interest.

You can apply to open this ISA online, by post, or at any of our branch and agency offices. Transfers-in from other providers are permitted.

This account can only be opened by new customers who live within the following postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA. Existing Society customers may open this account.

Summary Box - Key Product Information

 Account Name
 Junior Cash ISA
What is the interest rate?
  • 2.25% AER/Tax-free.
  • Interest is calculated on a daily basis on the balance in the account and paid annually (ending 31 March).
  • Interest is paid tax-free.
    Can Monmouthshire Building Society change the interest rate?
    • Yes - the interest rate is variable, which means the interest rate can go up or down.
    • If we increase the interest rate, we will display this information in our         branch/agency offices and on our website.
    • If we decrease the interest rate and you have a balance of £100 or more we will notify you by sending you a letter, email or other personal notice 14 days in advance of the change.
    • In line with our General Terms & Conditions for Savings Accounts (6.12-6.20) we may change interest rates at any time if we reasonably believe the change is needed.
    What would the estimated balance be after 12 months based on £1,000 deposit?
    • £1,022.50.
    • We have worked this out assuming a £1,000 deposit is made and no further deposits or withdrawals are made during a 12 month period.

    How do I open and manage my account?

    • You can open and manage your account at any branch or agency office, by post or online (if registered with our ‘My Accounts’ service and aged 16 years or over).
    • The minimum amount required to open an account is £10.
    • The maximum annual subscription is £4,260.
    Can I withdraw money?
    • No withdrawals are permitted.
    • All money paid in, along with all interest earned may not be withdrawn until the child reaches 18 years of age.
    • Only the child will have access to the money from their 18th birthday.

    Additional Product Information

    • You can add to your savings at any time by cash, cheque or standing order.
    • Only available to any child resident in the UK who doesn’t have a Child Trust Fund, or who wishes to transfer their Child Trust Fund into it.
    • Transfers-in from Child Trust Funds and other Junior ISA providers are permitted.
    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded each year.
    • The Tax-free rate is the contractual rate of interest payable where interest is exempt from income tax.

      How Much Can I Save?

      • The minimum investment is £10.
      • The maximum subscription for the 2018/19 tax year is £4,260. This limit applies across all Junior Cash ISAs and Junior Stocks and Shares ISAs held by a child.
      • Investors may subscribe to ONE Junior Cash ISA and ONE Junior Stocks and Shares ISA only in each tax year, but must not subscribe to more than the annual subscription limit across both types of Junior ISA Accounts.

      How can I open a Junior Cash ISA?

      You can apply online or simply complete an application form on the right hand side of the page and take or post it to your nearest branch or agency office. If you wish to open an account by post, you need to send us a personal cheque drawn on your personal account, made payable to the child's name.

      When you apply to open an account with us, we'll ask you for proof of your name and address, and an electronic check of your identity will be undertaken. This is required by law to verify the true identity of all new and existing customers. For full details please refer to our leaflet Proving Your Identity leaflet. Identity checks are an important part in the fight against terrorism and other criminal activities.

      Customers can now enjoy the convenience of managing their account(s) online using our 'My Accounts' service. For more information and to register, please click here.

      How can I pay money in?

      • Our General Terms & Conditions for Savings Accounts contains important information which you should read before investing or withdrawing funds.
      • Adding to the account is easy because you can save by cash, cheque or standing order.
      • The minimum opening investment is just £10.
      Cash or Cheque

      Funds can be added by calling in to any of our branch or agency offices with your passbook and deposit.

      Standing Order/Electronic Payment

      • You can save through a standing order from your bank account.

      To arrange a standing order or other one-off electronic payment, you'll need to give your bank the following details;

      Account Name: Monmouthshire Building Society

      Sort Code: 40-05-30

      Account Number: 14576608

      Reference: XXXXXXXXXX (no spaces or hyphens - this is the Monmouthshire Building Society account number you wish to credit).

      What is the interest rate?

      The interest rate is variable. Interest on the balance in the account is calculated on a daily basis and will be credited to the account annually following the close of business on 31 March each year.

      For details of the current interest rate, please see our separate Interest Rates page.

      Is tax payable on the interest?

      • No. There is no tax to pay on any interest that has been added to your Junior Cash ISA account.
      • However, there is no guarantee that this favourable tax treatment will be maintained in the future.

      Can I make withdrawals?

      • No. Any funds paid into the account, along with all interest earned, may not be withdrawn until the child is 18.
      • Only the child will have access to the money from their 18th birthday (special arrangements apply in the event of a child's death or terminal illness).
      • As the account is set up for the benefit of the child, you as the Registered Contact will have no access to the money at any time.
      • All money paid into the account is treated as a ‘gift’ and cannot be withdrawn until the child reaches 18 years of age.
      • If you wish to save for a child, and believe you may require access to these savings prior to the child's 18th birthday, please ask a member of staff who will provide you with details of an alternative account which may better suit your needs.

      Can I transfer my Monmouthshire Building Society Junior Cash ISA to another Junior Cash ISA provider?

      • Yes. You can transfer your account to a different account provider at any time, free of charge, provided that your chosen new account provider agrees to the transfer. Subject to the above, on your written instruction, we will transfer the whole balance of your existing account to the new account provider. Please note that partial transfers are not permitted.
      • When transferring a Junior ISA, please be aware that you can subscribe to ONE Junior Cash ISA and ONE Junior Stocks and Shares ISA only in each tax year, and you must not subscribe more than the annual subscriptions limit across both types of Junior ISA accounts.
      • In addition, where transfers from a different account provider are accepted by us, these will also be free of charge.

      Can Child Trust Funds be transferred to Junior ISAs?

      • Yes. You can transfer the full balance of a Child Trust Fund into a Junior ISA, but you cannot hold one of each type at the same time. The Child Trust Fund will be closed following the transfer.
      • A Junior ISA cannot be transferred into a Child Trust Fund.

      How can I keep track of how the JISA is doing?

      • An annual statement will be sent to the child 'care of' the Registered Contact showing how much interest has been earned, and what the current balance is.
      • In addition, the passbook will be updated each time you visit one of our branch or agency offices.

      What happens when my child turns 16?

      • When a child reaches age 16 they can apply for an ‘adult’ cash ISA which they can subscribe to in addition to any subscriptions made to their JISA.
      • The subscription limits for all ‘adult’ ISA products apply independently of whether or not a child holds, or has held, a JISA in the relevant year.

      What happens when my child turns 18?

      • When the child reaches 18, the Junior Cash ISA account will become an ‘adult’ Cash ISA and will be subject to the terms and conditions applicable to adult Cash ISAs at that time.
        We will send you further details beforehand, including any identification required.
        The child will be permitted to make withdrawals from their account.

      How can I cancel my application?

      • You may cancel your application by giving written notice to the Society up to the 14th calendar day (excluding public holidays) following the day the account was opened and we will, without notice or penalty, transfer to another account or refund your money plus interest.
      • In this case, the account will be closed and the subscription will not count towards your ISA subscription limits.
      • Written notice to the Society should be sent to Monmouthshire Building Society, John Frost Square, Newport, NP20 1PX.
      • After the 14th calendar day from account opening, the account cannot be closed until the child turns 18.

      Financial Services Compensation Scheme

      We are part of the Financial Services Compensation Scheme (FSCS). Details of the scheme, and who is covered by it, are available here.

      It is important that you read the 'General Terms and Conditions for Savings Accounts' and the 'Junior Cash ISA Terms and Conditions' before deciding to open an account.

      >> Junior Cash ISA Terms and Conditions

      >> General Terms and Conditions for Savings Accounts

      >> View Interest Rates

      >> Opening an Account

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