Junior Cash ISA (JISA)
Hodge Bank offers a variable rate Junior Cash ISA (JISA) with a minimum opening balance of £500. Additional deposits can be made each tax year up to the Junior Cash ISA allowance. The annual limit for the 2016/2017 tax year with effect from 6th April 2016 is £4,080. Up to £4,080 of the Junior ISA allowance can be saved in a Junior ISA with one provider.
No withdrawals can be made until the child reaches 18. However, the account can be transferred to another Junior Cash ISA manager subject to 90 days notice of the transfer.
Transfers of existing Junior Cash ISAs are accepted to our current variable rate offering, though these should be sent directly to us by bank to bank payment so as to ensure your tax free status is not affected. You should check with your existing provider to see if there are any charges or notice periods should you decide to transfer to us.
|What is the interest rate?||2.00%|
|Can Hodge Bank change the interest rate?||Yes subject to us giving you at least 7 days notice prior to the date of the change of the interest rate.|
|What would the estimated balance be after 12 months based on £1000 deposit?||£1020|
|How do I open and manage my account?||You can open your account by post and can manage your account by post, telephone or e-mail.|
|Can I withdraw the money?||No withdrawals until the childs 18th birthday.
Transfers are subject to 90 days notice.
|Additional information||At the age of 16 you can hold a Junior Cash ISA and a Fixed Rate Cash ISA but will only be able to subscribe to the Fixed Rate Cash ISA.|
Current ISA Subscription Limits
With effect from 6th April 2016, the Junior ISA subscription limit remained at £4,080 for anyone eligible to invest in a Junior ISA.
The full £4,080 of the new ISA allowance can be saved in a cash ISA or a stocks and shares ISA with one provider. It can also be split between a cash ISA and a stocks and shares ISA with either the same or another provider.
Please note Hodge Bank does not provide a stocks and shares ISA.