This account is designed specifically for customers aged 17 or under who meet the eligibility criteria for a Junior Cash ISA. Please note no access to funds is possible until the child is aged 18 (except for circumstances laid down in the rules for Junior ISAs). The detailed rules for Junior ISAs are contained within the Individual Savings Account Regulations 1998 No.1870, and subsequent Amendment Regulations.
Summary Box - Key Product Information:
|Account Name||Junior ISA|
|What is the Interest Rate?||
|Can Swansea Building Society change the interest rate?||
|What would the estimated balance be after 12 months||
|How do I open and manage my account?||
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:
Unlike an ‘adult’ ISA where the investor can open and subscribe to new ISAs in each tax year, a child can only hold up to two JISAs (no more than one of each type) throughout their childhood (although between ages 16 and 18 they can hold one of each type of JISA plus an ‘adult’ cash ISA) The Account must remain in your beneficial ownership, and may not be used as security for any form of lending. You are subscribing to a cash JISA for the current tax year and each subsequent tax year in which you subscribe to the Account. Any person can subscribe to a JISA by way of a cash payment. The person subscribing does not need to be resident in the UK, nor do they have to be related to the child. The subscriber must understand that the amount subscribed is a gift to the child, and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind. You can choose between investing an annual lump sum, making regular contributions or making contributions to the Account when you can afford them.
|Can I withdraw money?||
Hard copy - If you would prefer to print off or save the information on this page you can download a PDF here.
You can download any of our application forms or related documentation here. If you need any assistance, please contact your local branch where one of our team will be happy to help you. For details of how to contact your local branch, please see our ‘Contact Us’ page.