Issue 5
Interest Rate AER / Tax Free - Variable : 4.10%
Minimum - Maximum Balance : £10 to £500,000
Open and manage your account : Open at Branch / Agency & manage online
You can only open a Junior ISA if you have parental responsibilities of the child.
Parental Responsibilities are considered as:
- the child’s natural parent
- a person who has legally adopted the child
- a person who has been granted parental responsibility by the Courts
- a Local Authority that has parental responsibility for a child in its care
- The Share Foundation
The child must be both:
- Under 18
- Living in the UK
If the child lives outside the UK then you can open a Junior ISA if:
- You’re a Crown servant (in the UK’s armed forces, diplomatic service or overseas civil service, for example)
- They depend on you for care
You must be:
- A UK resident (excluding Northern Ireland).
- At least 16 years old.
- Using the funds for the benefit of the child.
May be suitable for you if:
You will not need access to the funds before the child turns 18.
You are aged 16-17 and want to open the account for yourself.
You are opening on behalf of a child under the age of 16 that you have parental responsibilities of.
You have £10 available to open the account.
You do not hold a Child Trust Fund or Junior Cash ISA with another provider.
You would like to make additional deposits to your young persons’ savings. (Up to the annual ISA subscription limit, £9,000 for the 2024/25 tax year)
You would like to open this account in person at a Monmouthshire Building Society Branch / Agency.
Not Suitable for you if:
You would need access to funds before the child turns 18.
You are over the age of 18.
The child has a Child Trust Find or a Junior Cash ISA with another provider.
You would like to open this account over the phone or by post.
Additional Information:
- There is a 14 day cancellation period.
- Accounts can be held in sole name only.
- The child can take control of the account from the age of 16, but funds cannot be accessed until the child turns 18.
Click below to expand the Junior Cash ISA Summary Box and Terms and Conditions.
| What is the interest rate? |
4.10% AER / Tax-free The interest rate is variable, which means the rate can go up or down. |
| Can Monmouthshire Building Society change the interest rate? |
Yes, the interest rate is variable. |
| What would the estimated balance after 12 months based on £1,000 deposit? |
£1,041.00 Based on £1000.00 being paid into the account, the interest rate doesn’t change and there is no other money into or out of the account over 12 months. |
| How do I open and manage my account? |
Who can open Someone with ‘parental responsibilities’ over a child (under 18). How to open In branch or agency. Minimum The minimum balance is £10. Maximum The maximum that a member can invest with Monmouthshire Building Society is £500,000, this could be just in this account or split across other accounts you hold with the Society. How to manage Online on ‘my accounts’, in branch or agency. |
| Can I withdraw money? |
No, After the 14 days ‘cancellation period’ you can’t close the account or take any money out until you turn 18. |
| Additional Information |
Accounts can be opened for individuals only. |
It is important that you read the following before deciding to open an account:
Junior Cash ISA Terms and Conditions
Other Important Information:
General Terms and Conditions for Savings Accounts
Important Information About Your Personal Data
My Accounts Terms and Conditions
Savings terms:
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Gross is the rate of interest payable before any tax is taken off.
Fixed interest means the rate stays the same until the account matures.
Variable interest means the rate can go up or down at any time. We will always publish our rate changes and give you with at least 30 days notice if the rate on one of your accounts is due to go down.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Business day is Monday to Friday excluding bank holidays.
The information provided in the summary box is a summary of the key features of the Junior ISA and is not intended to be a substitute for reading the terms and conditions above that apply to the account.
If you have read and understood all the information provided, and you would like to apply for a Junior ISA simply visit one of our branches or agencies in person.
