A Junior Cash ISA, also known as a JISA, is a great way for young people to start saving tax-free for their future.

Our JISA can be opened on behalf of the child by a parent, or guardian with parental responsibility. Or the child themselves can once one once they turn 16, but they can’t withdraw their money until they turn 18 years of age.

Whoever opens the account simply needs to be an existing Society member or a new customer who lives in one of the following postcode areas: DL, DH, SR, TS, YO or HG.

Like any other ISA, the limit you can pay into a JISA is set by the government and is currently capped at £9,000 per tax year, which runs from 6 April to 5 April the following year.

So, even if you can only afford to put away a small amount each month, you can create a sizeable nest egg for your child by the time they turn 18.

Friends and family can also contribute the child’s savings as long as the total combined doesn’t exceed £9,000 per tax year.

A JISA can be opened with as little as £1 and withdrawals are not permitted until the child turns 18. Once the child turns 18, the JISA will roll into an adult cash ISA, so they can continue to save if they wish.

Can I have a Child Trust Fund and a Junior ISA?

No, you can’t hold a Child Trust Fund (CTF) and a JISA at the same time in your child’s name.

The government introduced JISAs to replace CTF’s in 2011, and they work in pretty much the same way. Both have a savings cap of £9,000 a year for 2022/23 and can be accessed by the child once they turn 18.

But don’t worry, if you hold a CTF and decide you want to open a JISA in your child’s name, you can do this, but you would need to transfer the CTF to the new JISA, which our friendly staff can help with.

To open a JISA or if you simply have questions, please call your local branch or download our application pack here.