Give your children a head start in life
We all want to give our children the best possible start in life. That’s why so many parents start saving early for their children’s future, whether it’s to help cover the cost of university, get them onto the property ladder or pay for their first car. With our Cash Junior ISA, you and your family and friends can invest up to £4,260 each year on your child’s behalf and pay no tax on the interest.
Junior ISAs at a glance
- Annual limit - currently £4,260
- Interest - currently paid gross, with no UK Income or Capital Gains tax
- Paying in - anyone can pay in, either in a lump sum or monthly payments up to the annual limit. All subscriptions to the account will constitute a gift to the child
- Withdrawals - you can’t withdraw money from your child’s ISA, except in cases of terminal illness or death of the child, before they reach 18.
When your child reaches 18 years of age, they take control of their account and only they can withdraw money
- Until they reach 18 their account will be managed by a ‘Registered Contact’ - i.e. their parent or guardian (you). This can be done by phone or post and we’ll send you a yearly statement
- Transferring from another ISA – you can transfer from another Childrens ISA into a Wesleyan Bank Cash Junior ISA, either in full or in part
Current Interest Rates information
Ready to save for your child’s future?
Apply online for a Cash Junior ISA today, or call us on 0800 358 1122 to find out more. Alternatively, fill in our contact form and we’ll call you back.