Junior ISA for Hospital Doctors

The Government has introduced a child savings product called the Junior ISA, a new tax-efficient savings account for children.

Junior ISAs will offer parents, family and friends a simple way to save for a child's future; whether it's to cover the cost of university, their first car, a deposit for their first home, or simply to give children a head start in life.

If you're interested in saving for a child's future, then a Junior ISA could be an option worth considering

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Cash Junior ISA customer guide and Terms and Conditions

Wesleyan Bank General Terms and Conditions

Junior ISA Frequently Asked Questions

The facts at a glance

How it works

There is a limit on how much can be subscribed into the account. The limit for Junior ISAs is £3,600 for each tax year.  A tax year runs from 6 April to 5 April the following year.  This limit will increase in line with the Consumer Price Index from 6 April 2013.  The £3,600 limit can be invested into a cash Junior ISA and a stocks and shares Junior ISA in any proportion.

Paying in

A single lump sum payment, regular monthly payments, or both can be paid in up to the maximum annual subscription limit each tax year.

Money can be paid in by direct debit, standing order, cheque, bank giro credit or by direct transfer from a bank account.

Anyone paying into the Junior ISA can (as long as it's within the annual limit):

• add a single lump sum payment
• change the amount of any regular payments that are being made
• set up a new regular payment
• if paying by Direct Debit the minimum monthly payment is £10
  

All subscriptions to the account will constitute a gift to the child.

Withdrawals

Withdrawals from Junior ISAs are not allowed before the child reaches age 18, except in cases of terminal illness or death of the child. At age 18 the child will automatically manage their own account and the money invested can be withdrawn, and only then by the child.

Dealing with the account

Except where the child is old enough to manage the account for themselves and chooses to do so, the Junior ISA will be managed by a 'Registered Contact' on the child's behalf. The Registered Contact will be someone who has parental responsibility for the child.

A Wesleyan Bank Cash Junior ISA can be managed by telephone or post. We'll send the Registered Contact a statement at the end of each tax year listing transactions from the previous 12 months.

To check details of the Junior ISA account, including the balance, please call our helpline on 0800 358 1122, 8am - 6pm Monday to Friday. (An answering service operates outside these hours).

Tax

Any interest on money saved in a Wesleyan Bank Cash Junior ISA is paid gross and is completely free of UK Income and Capital Gains tax.

Any reference to tax is based on current legislation, which is subject to change and depends on individual financial circumstances. In particular, the favourable tax treatment of Junior ISAs may not be maintained.

Transferring an existing Junior ISA

A cash Junior ISA held by the child with another Junior ISA provider can be transferred in full to the Wesleyan Bank Cash Junior ISA. To transfer an existing junior ISA, please apply here.

A stocks and shares Junior ISA held by the child with another Junior ISA provider can be transferred in full or in part to the Wesleyan Bank Cash Junior ISA.