Junior Cash ISA

Available in England and Wales.

Summary Box - Key Product Information:

Terms and Conditions:

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

Junior ISA - Specific Product Terms and Conditions

1. The account will be opened by us in accordance with The Individual Savings Account Amendment No. 2) Regulations 2011 (known as 'Regulations' hereafter).

Availability

2. A child is an eligible child for a JISA if, when the account application is made:

• They are under age 18
• They are resident in the UK, or are a UK Crown servant, married to or in a civil partnership with a Crown servant, or a dependent of a Crown servant.
• They were born on or after 3 Jan 2011 or do not have a Child Trust Fund (CTF). Funds held in a CTF can be transferred into a JISA, but a child is not permitted to hold a CTF and a JISA at the same time.

3. Children up to the age of 16 are able to hold up to one Junior Cash ISA and one Junior Stocks and Shares ISA at a time. It is possible to transfer accounts between Junior ISA providers. Children aged between 16 and 18 may either hold an 'adult' Cash ISA or a Help to Buy ISA as well as one Junior Cash ISA and one Junior Stocks and Shares ISA at a time (a child cannot hold an Innovative Finance ISA).

Account Opening

4. A Junior ISA can only be opened by a person who is aged 16 or over. Where the child is under 16, the Junior ISA can only be opened by the Registered Contact. This must be the child's parent(s) or an adult with legal parental responsibility for the child. If the child is aged 16 or over, they are able to open a Junior ISA for themselves or the Registered Contact may apply to open the account. The child will remain the beneficial owner of all funds in the account.

Interest

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

Taxation

6. Provided the account complies with the 'Regulations' all interest arising will be free of UK taxation. The taxation of ISAs can be changed by the Government at any time without notice.

Appointment and Authority

7. You appoint us as the provider of the account. We will manage the account in accordance with these Terms and Conditions, our General Investment Terms and Conditions for Savings Accounts, your application form and the Regulations and any other applicable agreement entered into between you and us for the purposes of the account. All Junior ISAs must be managed in accordance with the Junior ISA rules, and under terms agreed between the Registered Contact (on behalf of the child where appropriate) and the provider.

8. Where you open the Junior ISA for a child who is aged under 16, whilst the child remains under 16, only you may provide instructions to us on the management of the Junior ISA. Once the child attains the age of 16, the child may if they wish choose to provide instructions to us on the management of the Junior ISA. We will request identification from the child before they start to operate the account. If the child does not apply to be the Registered Contact for the Junior ISA, your instruction will remain in force. There can only be one Registered Contact at any time. The role of the Registered Contact can be passed to another person who has parental responsibility.

9. You authorise us to undertake any functions required of an account provider under the Regulations on your behalf and to comply with any other legislation, regulation or government publication which may affect or be in any way connected with the account now or in the future.

10. We shall have authority on your behalf to apply to HM Revenue & Customs to claim any tax credits for the account and to make any other claims for the repayment of, or credit against, tax for the account and will credit any such amounts received to the account. Such claims for payment of tax credits on your behalf will be made by us in accordance with the Regulations.

11. We will notify you if, by reason of any failure to satisfy the provisions of the Regulations, the account has, or will, become void, or is no longer exempt from tax.

12. We will satisfy ourselves that any person to whom we delegate any functions or responsibilities under the terms agreed with the Registered Contact is competent to carry out those functions and responsibilities.

Investment Limits

13. The minimum subscription is £10; the maximum annual subscription must not exceed the annual JISA limit specified in the ISA Regulations. This limit applies across all Junior Cash ISA and Junior Stocks and Shares ISAs held by a child. In the event that a deposit causes the total amount (ending 5th April) to rise above the subscription limit, we will return the excess deposit.

Where the amount paid into the Junior ISA (year ending 5th April) does not reach the maximum subscription permitted, there shall be no addition to the subscription allowed for any succeeding year. The limit excludes any interest added to the account.

Once contributions are accepted they cannot be withdrawn, transferred or returned except in accordance with these terms and conditions. Electronic payments exceeding the subscription limits will automatically be returned to their source. Other payments exceeding the subscription limits will be returned to the child by cheque.

Further Investment

14. You may add to your savings at any time, just call into your local branch or agency office with your passbook and deposit. If it is more convenient you can post the deposit or save through a standing order from your bank account. Funds may be added to the account by any person subject to the subscription limits applicable that year.

Withdrawals and Closure

15. The funds are locked inside the account. No withdrawals are allowed until the child is aged 18 except for the following reasons:

(a) The account may be closed, by either you or us, where we have received notice from HM Revenue & Customs that the child has died under the age of 18; and

(b) You can make withdrawals from the account at any time where we have received notice from HM Revenue & Customs that such withdrawals are authorised because the child is terminally ill.

16. Otherwise than as set out in these Conditions, you cannot close the account until the child reaches 18. When the child reaches 18, the account will become an adult ISA and will be subject to the terms and conditions applicable to adult ISAs at that time. We will send you further details beforehand.

17. In the event of the death of the child, any exemption from tax will end immediately. We will continue to deal with the account in accordance with these Terms and Conditions and our General Terms and Conditions for Savings Accounts and the instructions received from the legal personal representative(s) who will become subject to them. HM Revenue & Customs or legal personal representative(s) must notify us of the child's death, and the legal personal representative(s) must provide us with proof of their appointment.

Following receipt of notice of appointment, which is acceptable to us (acting reasonably), we will pay the net proceeds of the account to the legal personal representative(s). Any tax refunds claimed on behalf of the child after their death will be repaid by HM Revenue & Customs. We will provide appropriate statements for the account and any relevant tax certificate to the legal personal representative(s) in accordance with the Regulations.

Transfers

18. 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 and within the time limit specified by you, we will transfer the Junior ISA. We will transfer the whole balance of your existing Junior ISA to the new account provider. Please note that partial transfers are not permitted.

On receipt of your transfer instructions from your new ISA manager we will send your funds and information within five business days of the date of receipt.

Transfers in from other Junior Cash ISAs are allowed. On receipt of your transfer instruction, we will send it within five business days to your Junior ISA manager with confirmation of acceptance. On receipt of the funds and information from your Junior ISA manager we will credit your Junior ISA within three business days. Transfers must take place within 15 business days of the transfer instruction being received by us, unless you stipulate a later date.

An existing Child Trust Fund account can be transferred into a Junior ISA.

Statements

19. We will send the Registered Contact a statement annually showing how much interest has been earned and the current balance of the account. Please tell us as soon as you can if there is anything on the statement that you think is incorrect.

20. You will promptly advise us of any change in any of the information we hold for your account. You must inform us promptly if you cease to be eligible under the Regulations to subscribe to or hold the account. No further contributions will be accepted to the account if you cease to be eligible in this way.

General

21. Junior ISA accounts will become adult ISA accounts on the child's 18th birthday. This is a requirement of the Regulations.

We will contact the child at least 28 days prior to their 18th birthday to explain the options available. You and/or the child may not use your account as security for a loan, although it may be used as a means of funding the repayment of a loan. You and/or the child may not transfer any of your rights or obligations under the account.

22. We will send all statements, notices and other document for your Junior ISA to the most recent address notified to us for the Registered Contact. If the Registered Contact for the Junior ISA is to change the new contact must complete the required application.

23. We do not have to recognise the interest or claim of any person other than the child for money held in the account.

24. 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 transfer the funds to another account or refund your money.

Contacting us: Any written communication with us on your Junior ISA should be sent to our Head Office at Monmouthshire House, John Frost Square, Newport, NP20 1PX.

Terms and Conditions

25. These Specific Product Terms and Conditions apply to this account in addition to our General Terms & Conditions for Savings Accounts. Where there is any inconsistency between the General Terms & Conditions for Savings Accounts and the Specific Product Terms and Conditions, the Specific Product Terms and Conditions will apply.