Our Junior Cash ISA is a simple way to build savings that can grow with your child. Open with just £1 and save up to £9,000 each tax-year without paying tax on the interest.
Benefits of a Junior Cash ISA
Earn up to 3.65% Tax free/AER
This account has an interest rate of 3.65% Tax free/AER (variable)
Up to £9,000 this tax-year
Anyone can save for your child, up to £9,000 in the 2024/2025 tax year
An account for childhood
When your child turns 18*, this account becomes a Cash ISA Saver with a bonus rate
*Money in this account can’t be withdrawn before the child is 18
ISA guide
If you’ve got questions about Junior ISAs, or your annual ISA allowance, our guide has you covered.
Summary box
3.65% Tax Free/AER (variable)
Yes. We can move the interest rate up or down at any time. Our Savings Account General Conditions explain when we'll do this.
If we increase the interest rate, we'll make details of the rate change available in branch, on the phone and on our website, within 3 days of the change. If we decrease the interest rate, we’ll let you know personally 14 days in advance. You can close your account without charge within 30 days of the change, and at any other time. We may not do this if you have £100 or less in your account. Instead, we may tell you about it by making details of the change available in our branches, at tsb.co.uk and through telephone banking.
Based on a £1,000 deposit, with no deposits or withdrawals made from the account, and variable interest rates remaining the same:
Year 1
| Initial deposit | £1,000 |
| Interest earned at 3.65% Tax Free/AER (variable) | £36.50 |
| Estimated balance after 12 months | £1,036.50 |
This is an example only and doesn't take into account your individual circumstances.
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| Withdrawals allowed | No. Withdrawals aren't permitted prior to maturity at age 18 (unless the child is diagnosed with a terminal illness and permission is given by HMRC to make withdrawals). |
- Each child can only have one Junior Cash ISA open at once.
- The Junior Cash ISA is for children under 18 who don't hold or aren't eligible to hold a Child Trust Fund.
- A junior ISA held with another provider can be transferred to TSB.
- The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in future.
- When the child turns 18 their Junior Cash ISA will automatically mature into an adult ISA. At least 30 days before this date we'll write to the Junior Cash ISA account holder (and registered contact if different) providing details of this.
- If you aren't happy with your Junior Cash ISA, you can cancel within 14 days of opening without charge. You'll still be able to open another junior cash ISA account in the same tax year with us or another provider.
- The account can't be closed after this, unless the money in the account is transferred to another junior ISA, the child becomes terminally ill or dies.
Rates and information correct as at 06/04/2024.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Tax free rate is the contractual rate of interest payable where interest is exempt from income tax.
Open a Junior Cash ISA
What you need to know
If applying by video call
Ready to apply?
Book a video call
Apply from anywhere with your email and reliable Wi-Fi
Choose a time and date that works for you including evenings and weekends
It typically takes 60-90 minutes to open a Junior Cash ISA
You’ll need your ID ready on the call
Ready to apply?
Or apply in branch
Book an appointment at your chosen branch to get started
Don’t forget to bring ID for both the adult and child. And if the child is under 16, a parent or guardian will need to be there to help open the account
Important information
Important Information
*Variable means the interest rate on your savings can change. The rate can go up and down. If it goes up, you earn more interest. If it goes down, you’ll earn less interest, but we’ll tell you before this happens. If you’d like to know more about what might happen to our variable interest rates when the Bank of England changes the Base Rate, head over to our Popular Questions page at www.tsb.co.uk/savings/
The Annual Equivalent Rate (AER) shows what the interest would be if the interest was paid and added to the account once each year. It lets you compare savings accounts easily. Gross rate means that credit interest is paid without income tax being deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
Tax-free means the interest paid will be free from UK Income Tax. The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in the future.
* Unless the child is diagnosed with a terminal illness and permission is given by HMRC to make withdrawals.
