2.25% AER/Tax Free
Interest is calculated daily and added to the account annually on the 31st March.
Interest rates are variable and may be amended at any time. We will give you 14 days written notice by post of any proposed change in our interest rates. They will also be posted on our website at www.swansea-bs.co.uk or you may telephone our Investment Department on 01792 739100. Details of other Swansea Building Society savings accounts interest rates are available in our Range of Savings Accounts leaflet.
To open an account you must be resident in Wales. The person applying for a JISA must be aged 16 or more, and is one of the following:
- the child who will hold the account
- 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.
- they are under age 18
- they were born on or after 3 January 2011 or do not have a Child Trust Fund account
- they are resident and ordinarily resident in the UK, or are a UK Crown employee, married to or in a civil partnership with a Crown employee, or a dependent of a Crown employee.
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 the JISA. Therefore, in the tax year in which the child turns 16 they can subscribe up to the JISA limit and from their 16th birthday they can, in addition, subscribe up to 50% of the overall ‘adult’ ISA limit to a cash ISA. In the tax year in which the child turns 17 they can subscribe up to the JISA limit and subscribe up to 50% of the overall ISA limit to a cash ISA. In addition, from the start of the tax year the child turns 18, they can:
- use their whole JISA subscription limit (even though the JISA will be held for a part year only); and
- subscribe 50% of their overall ‘adult’ ISA limit to a cash ISA; and from their 18th birthday, invest in a stocks and shares ISA, subject to the normal ‘adult’ ISA subscription limits.
- the death of the Account holder;
- the terminal illness of the Account holder;
- on direct instruction from HMRC (where the JISA is void); or.
- on the child reaching their 18th birthday.
See “How do I open and manage my account” above.
For General Terms and Conditions applicable to this account see “General Terms and Conditions for the operation of Savings Accounts" available from our branches or online at www.swansea-bs.co.uk.
Interest is paid gross without tax deducted.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.
Please note, the tax treatment and rate of interest payable depend on the individual circumstances of each customer and may change in the future.
Statements are sent out 31 March annually.
The maximum balance across all accounts held with the Society is £85,000 for a single customer or £170,000 for joint customers where the customer first opened an account with the Society on or after 1 January, 2017. Where excess monies are received, such monies will be returned using the same method by which they were deposited
You can download any of our application forms or related documentation here. If you need any help with completing one please give us a ring on 01792 739100 where one of our team will be happy to help you.