Tesco Junior ISA
A Junior Cash ISA is a simple, affordable way to save for your child’s future if they don’t have a Child Trust Fund. The money in the ISA belongs to the child, who can then withdraw it when they reach 18.
You are able to save up to £4,128 tax free in the 2017/18 tax year, this is the combined total for a Junior Cash ISA and a Junior Stocks and Shares ISA.
- A competitive interest rate
- Low minimum deposit, you can open your account with just £1
- Ability to manage the account with online and telephone banking
- Ability to make deposits whenever you want
Who Can Open an Account?
Anyone with parental responsibility for a child can open a Junior ISA. So if you're a parent or guardian of an eligible child, you can open a Junior Cash ISA for them.
Other people can save into your child's account as well such as grandparents, other relatives and friends. However, the total savings in the Junior ISAs must not exceed the annual limit for that tax year.
A young person aged 16 or over can open an account themselves but will not be able to do this online.
If you’ve already subscribed to a Junior Cash ISA, then you will only be able to open another if you transfer all of your subscriptions from the existing provider, to the new provider. Your ISA provider may charge a fee to transfer funds.
Children with a Child Trust Fund are not eligible for a Junior Cash ISA but are able to transfer their Trust Fund in to a Junior ISA.
How Transferring Works and What you Can Transfer
A child may only have one Junior Cash ISA at any time or also have a Junior Stocks and Shares ISA alongside. However, it’s possible to transfer all of the money in an existing Junior Cash ISA to another Junior Cash ISA providing the existing account is then closed.
If you want to move your money from a Junior Cash ISA with another provider to Tesco, you can do this by using the ISA transfer process. The process is far quicker and easier than in previous years and simply involves filling in a form.
You are able to transfer:
- All, but not part, of the funds saved in an existing Junior Cash ISA to a new Junior Cash ISA
- All or part of the funds in a Junior Cash ISA saved in a previous tax year to a Junior Stocks and Shares ISA
- All of the money held in a Junior Cash ISA to a Junior Stocks and Shares ISA, then a new Junior Cash ISA can be opened
Some providers may have restrictions or charge a fee on transfers, so you should always check this with them before transferring money to or from another provider.