Junior Cash ISA (Individual Savings Account)
|Summary Box - Key Product Information|
|Account Name||Junior Cash ISA|
|What is the interest rate?||
1.75% Gross* / AER**
Interest is calculated daily and added annually on 5th April at close of business.
|Can Beverley Building Society change the interest rate?||
Yes, all of our interest rates are variable.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This figure is for illustration purposes only and assumes no further deposits, transfers in, withdrawals or interest rate changes.
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents aged under 18, who do not hold a Child Trust Fund or another JISA of this type for this child in the same Tax Year as this Cash JISA is subscribed to.
Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account holder) to the Society’s office.
The minimum opening deposit is £1. Contact us to transfer the full balance to/from another provider.
The maximum deposit per Tax Year is set annually by HM Revenue and Customs. For the Tax Year 2020/21, the maximum deposit is £9,000.00.
This account can be operated by a child over the age of 16 or by the registered contact with parental responsibility, and can be managed via post and branch.
The Society will be in contact regarding the options at maturity of the account, as the JISA will not continue past the child’s 18th birthday.
|Can I withdraw money?||Withdrawals are not permitted from this account.|
*Gross rate – the contractual rate of interest to be paid on a savings account without any deduction being made in respect of personal Income Tax liability
**AER - stands for Annual Equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year