Take the first step towards tax-free savings for your child with our Junior ISA Saving Account

Wherever your children are heading, you can get them off to a great start by opening a Junior ISA. It gives you the opportunity to make the most of tax-free savings and put away up to £4,368 for each child, each year.

Tax free. A brighter way to save.

You can open a Junior ISA Saving Account with any amount, starting from just £1. And because each and every £1 you put into your child's ISA earns tax-free interest, it can quickly add up.

Junior ISAs are tax-free savings accounts for children aged under 18 who don't have a Child Trust Fund. It gives you a simple and affordable way to save for your child's future. And other people can save into your child's Junior Cash ISA too. So it's a chance for grandparents, relatives and friends to help boost your child's savings - as long as total payments into the Junior ISA in each tax year don't exceed the annual limit, currently £4,368.

The funds can't be withdrawn from the account until your child's 18th birthday. Then, the Junior ISA Saving Account becomes an adult ISA - and your child can withdraw the money and close the account, or continue to save with their adult ISA.

5 great reasons to choose our Junior ISA

Tax-free savings- no tax to pay on the interest that's earned
Easy to start- you can open an account from just £1
Easy to save- deposit a lump sum, or make regular payments
A great interest rate- check our Savings Interest Rates
A safe and secure home for your child's savings

SUMMARY BOX – Key product information for Junior ISA

What is the interest rate?

2.35% Tax-free/AER variable.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year.

Interest is paid tax-free on 31 March each year, provided the account continues to satisfy the ISA regulations. Interest is normally added to the account, but it can be paid to a bank account or another account with Scottish Building Society if you wish.

 

Can Scottish Building Society change the interest rate?

The interest rate is variable and may be changed as outlined in section 9 of the Savings Terms & Conditions. When the change is an increase in the interest rate, we will let you know by writing to you or by placing notices and leaflets in all our branches and updating our website. When the change is a reduction, we will write to you 14 days before the rate change.

 

What would be the estimated balance after 12 months based on a £1,000 deposit?

If you open a Junior ISA and deposit £1,000, after 12 months the projected balance would be £1,023.50.

This projection is for illustrative purposes only and does not take into account your individual circumstances.

 

How do I open and manage the account?

This account is available to children from birth to 18 years old. Children are eligible if they were born on or after 3 January 2011 or do not have a Child Trust Fund, and, they are resident in the UK or are a dependant of a UK Crown servant (or are themselves a Crown servant, married to or in a civil partnership with a Crown servant).

You can open an account with a minimum of £1, either in branch or by downloading an application form online. You can add to the account whenever you like either in branch, by post or by bank transfer. For further information on the maximum amount you can deposit each tax year (between 6 April in one year and 5 April the following year) in cash, stocks and shares or any combination of the two in an ISA, please visit www.gov.uk/junior-individual-savings-accounts

The account matures at the end of the month in which the child’s 18th birthday falls. Thereafter, the account will automatically transfer into our adult Loyalty Cash ISA, or an equivalent account available at that time.

 

Can I withdraw money?

No withdrawals can be made until the child’s 18th birthday (except in circumstances of death or terminal illness).

 

Additional Information

Please read the Savings Terms & Conditions leaflet for general conditions which apply to this account.

Find out more

Ready to apply?

Completed applications can be returned to any branch or agency office, along with proof of your identity and initial deposit.

 

Alternatively, you can post your application and necessary documentation to:

Scottish Building Society

SBS House

193 Dalry Road

EDINBURGH

EH11 2EF

 

YOUR QUESTIONS ANSWERED

Who is eligible for a Junior ISA with the Scottish?

All children under 18 are eligible for a Junior ISA if:

  • they were born on or after 3 January 2011 or do not have a Child Trust Fund, and
  • they are resident in the UK, or are a dependant of a UK Crown servant (or are themselves a Crown servant, married to or in a civil partnership with a Crown servant)

Why is there an annual limit to how much I can save in the Junior ISA?

The Government sets the limits on how much can be saved in each tax year for both adult ISAs and Junior ISAs.

For further information on the maximum amount you can deposit each tax year (between 6 April in one year and 5 April the following year) in cash, stocks and shares or any combination of the two in an ISA, please visit www.gov.uk/junior-individual- savings-accounts

Can I have more than one Junior ISA?

Each child can only hold one Cash Junior ISA and one Stocks and Shares Junior ISA at any time.

At the Scottish, we offer a Cash Junior ISA.

Can withdrawals be made from a Junior ISA?

Any money that is paid into the account belongs to the child, and cannot be withdrawn until the child’s 18th birthday (except in circumstances of death or terminal illness).

New Saver Enquiries

0345 600 0585

New Mortgage Enquiries

0345 600 4085

Existing Member Enquiries

To talk to us about an existing savings or mortgage account, contact your local office

Find your local office

Lines open 9-5 Mon to Fri (10-5 Wed) and Sat 9-12. Calls may be recorded and/or monitored.

Financial Services Compensation Scheme

Your eligible deposits with Scottish Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you could hold above the limit are unlikely to be covered. Please see below for further information.

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