Updated 27th August 2022
Junior ISA accounts, known as JISAs are tax free savings accounts for children up to the age of 18 years old.
Who can open a Cash JISA account?
A JISA can be opened on behalf of the child by a person with parental responsibility for that child, known as the Registered Contact. This is generally, of course, one of the child’s parents.
The Registered Contact controls the account, e.g., they can choose if and when to transfer the JISA to another provider. At 16 years old, the child can take over control of the account, though they cannot make withdrawals until they turn 18.
Who can pay into a JISA ?
Anyone can pay into a JISA account, but it is important to note that subscriptions are treated as a gift to the child and cannot be withdrawn. The assets within a JISA account can only be withdrawn by the child when they turn 18 years old. It should go without saying that JISAs cannot be flexible.
How much can you pay into a JISA ?
In tax year 22/23, April 6th 2022 to April 5th 2023, the JISA allowance is £ 9,000.00.
The below product list details the best interest rates currently available for Cash JISAs as at August 2022.
Product List
Dudley Building Society Junior Cash ISA
Dudley are offering an interest rate of 2.60 % AER variable. To open this account, a minimum deposit of only £ 100 is required. Transfers in from an existing JISA are allowed. This account can be opened and managed by post or branch. There is no facility to manage the account online
Provider: Dudley Building Society
Interest rate/AER: 2.60 %
Transfer in allowed: Yes
Min Initial Deposit: £ 100
When is interest paid: Annually
Coventry Junior Cash ISA
Coventry are offering the best interest rate of 2.60 % AER variable. To open this account, a minimum deposit of £ 1 is required. Transfers in from an existing JISA are allowed. This account can only be opened at a branch or by post.
Provider: Coventry Building Society
Interest rate/AER: 2.60 %
Transfer in allowed: Yes
Min Initial Deposit: £ 1
When is interest paid: Annually
The Loughborough Building Society Junior ISA
Loughborough is currently offering a rate of 2.50 % AER variable. To open this account, a minimum deposit of £ 100.00 is required. Transfers in from an existing JISA are allowed. This account can only be opened and managed at a branch or by post.
Provider: The Loughborough Building Society
Interest rate/AER: 2.50 %
Transfer in allowed: Yes
Min Initial Deposit: £ 100.00
When is interest paid: Annually
tNote, the above interest rates are all variable, hence subject to change, depending upon market conditions and movement in the Bank of England base rate.