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Newcastle Junior ISA
Junior ISAs were introduced late 2011 and are available to any child who was not eligible for a Child Trust Fund. You can use them to build a nest-egg for your children which will be given to them once they turn 18.
You may already be saving for your children's future, but if the amount a parent invests means that the child receives more than £100 interest a year, then this interest begins to attract income tax! With a Junior Cash ISA, all the interest earned is tax-free - meaning more for the little one when they're a not-so-little one!
Rate
- Withdrawals are not permitted until the child’s 18th birthday
- Open with: £1 and invest up to: £9,000 in the current tax year
- Variable rate of interest
- Transfers from other JISA providers are permitted
- Apply in Branch
Summary information
Account Name
Newcastle Junior ISA
What is the interest rate?
Tax-free refers to the contractual rate of interest payable, where interest is exempt from income tax. The tax information provided is based on the current law and HM Revenue & Customs practice, both of which may change. 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.
Annual (Variable)
3.75% Tax-free pa/AER
Interest is paid on: Interest is calculated daily and credited to the account on each annual anniversary of account opening.
Can Newcastle Building Society change the interest rate?
We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account. Please refer to section 3 of the Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so.
What would the estimated balance be after the first 12 months of account opening based on a £1,000 deposit?
Annual (Variable)
£1,037
This projection is provided for illustrative purposes only and does not take into account the customer’s individual circumstances. This projection is based on an initial £1,000 deposit and no further deposits or withdrawals are made.
How do I open and manage my account?
Opening your account
In branch. You can also request product information by calling us.
Giving us instructions for your account
In branch, by post or by telephone.
Minimum Opening Deposit: £1
Maximum Opening Deposit: The maximum investment in one tax year is subject to the Junior Cash ISA allowance. Transfers of previous and current years Junior ISA subscriptions from other Junior ISA providers are also permitted. Transfers are subject to the child not holding 2 accounts of the same type at the end of the transfer process (i.e. stocks and shares or cash JISA).
Maximum Account Balance: No maximum balance.
Can I withdraw money?
Withdrawals are not permitted until the child’s 18th Birthday. Transfers to other Junior ISA providers are permitted penalty free. Partial transfers are not permitted.
Additional Information
Tax status: ISA interest is paid tax-free, which means it’s exempt from income tax. Tax rules may change in the future.
The Financial Services Compensation Scheme (FSCS): Your eligible deposits with Newcastle Building Society are protected up to a total of £85,000 per person or company, by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. This limit is applied to the total of any deposits you have with Newcastle Building Society and Manchester Building Society (as a trading name of Newcastle Building Society). Find out more.
Reimbursement of Authorised Push Payment (APP) fraud
From 7th October 2024, new regulations strengthen protection for customers who suffer financial losses due to Authorised Push Payment (APP) Fraud. If you make a payment on or after 7th October 2024, as result of APP fraud, you may be eligible for a refund. Further information about your reimbursement rights is available on our website at https://www.newcastle.co.uk/authorised-push-payments.
Transferring Windfalls to Charity
All new customers agree to assign any windfall benefits which they may become entitled to on a future conversion or takeover of the Society to the Community Foundation. This is our Charitable Assignment Scheme. By agreeing to this assignment, any windfall benefit will be given to the Community Foundation, one of the leading community foundations in the UK serving Tyne & Wear and Northumberland. This agreement lasts for the first five years of membership, is irrevocable and is a condition of opening an account. Your agreement to open an account with us will be deemed your agreement to the Charitable Assignment Scheme. Please see ‘Transferring windfalls to charity’ on our website at https://www.newcastle.co.uk/transferringwindfalls or within our Savings General Terms and Conditions for further details.
In branch
Visit your local branch. If you’d like to open an account in-branch, you may need to arrange an appointment. Before visiting, please call ahead.