Junior Cash ISA Summary Box

Interest is calculated on a daily basis and paid on 5th April each year.

Please refer to section 13 of the Savings Account Terms and Conditions for details of how your interest is calculated.

This account has a variable rate of interest and is subject to changes; this means we may increase or decrease interest rates at any time; if we reduce the interest rate we will give you 14 days notification prior to the change and 30 day option from the notification to switch your account.

Please refer to section 13 of the Savings Account Terms and Conditions for details for further information on this.

Based on the current rate of interest, if you deposited £1,000 in this account, after 12 months you would have £1,020.00.

This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.

• Available to eligible UK residents only
• To open an account you will need to apply in branch or by post and let us have;
  • a fully completed Junior ISA Share Account application form;
  • at least the minimum deposit of £1; and
  • proof of your identity, address and residency
• The Society’s products can be opened and managed in branch or by post, please refer to the Society’s Savings Accounts Terms and Conditions
• The minimum deposit and account balance is £1 and further deposits are allowed up to the maximum investment of £4,368 in the 2019/20 tax year.
• Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year.
• Transfer In – On receipt of a transfer instruction from you we will forward it to the old ISA manager, together with a confirmation that we will accept the transfer, within 15 business days of the date of receipt, and on receipt of the funds and accompanying information from the old ISA provider, we will credit the funds to the Junior Cash ISA account within 3 business days of the date of receipt.
• Transfer Out – The Cash ISA can be transferred into another provider’s Junior Cash ISA or a Stocks and Shares Junior ISA. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.

Transfers between Junior Cash ISA providers are permitted, however cash or cheque withdrawals are not permitted until the account holder reaches the age of 18, at which time the Junior Cash ISA will be transferred into an adult easy access Cash ISA, thereafter withdrawal conditions apply; please refer to section 16 of the Savings Account Terms and Conditions for further details

• Please refer to the Important ISA information section below
• What are the risks? As the rate of interest paid on the account is variable this means that the interest rate could go down as well as up, this depends upon general market interest rates and the Bank of England Base Rate. The Government can also change the taxation treatment of ISAs at any time without prior notice.
• This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.
• Interest is paid tax free on this product. Your tax treatment is dependent on your own personal circumstances and may be subject to change in the future.
• Details of our full range of products and current interest rates are available on request at our branches, by telephone 01257 235003 or from our website www.chorleybs.co.uk .

In respect of the Junior Cash ISA, in order to protect your interests, we offer you a 14 day cooling off period from the date you open your account in which you can change your mind. If you cancel an account within the above period we will help you to either switch to another of our accounts or we will refund your money to you within 30 days of your notification of cancellation together with any interest that has been earned. Should you change your mind about this Junior Cash ISA please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ

If you are not satisfied with our services we operate an internal complaints procedure. A copy of this procedure is available online at www.chorleybs.co.uk or you can ask in any of our branches for details of this procedure. If we cannot settle your complaint you may refer your concerns to the Financial Ombudsman Service

• A Junior Cash ISA may only be opened by a child under 18 years of age who does not hold a Child Trust Fund (CTF) and who is resident in the UK, or is a UK Crown servant, a dependent of a UK Crown servant or is married to/in a civil partnership with a UK Crown servant. From April 2015, CTFs will be able to transfer to Junior Cash ISAs.
• You must notify the Society if the child ceases to be resident in the UK or if not so resident, ceases to perform duties as a Crown employee serving overseas or to be married to, or in a civil partnership with a person who performs such duties which allow the child to subscribe to a JISA. The JISA will continue to be exempt from UK tax but no further subscriptions can be made until the child meets the residency requirements again.
• A person with parental responsibility for any eligible child (or the child themselves if they are aged between 16 and 18) can apply to open a JISA and become the registered contact.
• The registered contact is the person who agrees with the Society the terms and conditions under which the account will operate, and give instructions to the Society for the management of the account. There can only be one registered contact at any time. The registered contact will be issued with any statements or correspondence relating to the JISA.
• Any person or body may make subscriptions to the account, they do not have to be related to the child nor resident in the UK. However, once a subscription is accepted it will be treated as a gift to the child and as such cannot be repaid to the subscriber or transferred should the subscriber change their mind.
• Where the Society becomes aware that the registered contact for an account no longer has parental responsibility for the child, no further instructions can be taken from this person and the Society would request that a new registered contact application be made.
• The JISA investments shall be in the beneficial ownership of the child.
• The account must not be a joint account or held on behalf of a person other than the investor.
• We will make sure that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.
• On instructions of the registered contact the JISA with all rights and obligations shall be transferred to another provider. The Junior Cash ISA can be transferred into another provider’s Junior Cash ISA or a Stocks and Shares Junior ISA. Partial transfers can only go into another provider’s Stocks and Shares Junior ISA. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
• On receipt of a transfer instruction from you we will forward it to the old Junior ISA manager, together with a confirmation that we will accept the transfer, within 15 business days of the date of receipt, and on receipt of the funds and accompanying information from the old ISA manager, we will credit the funds to the Junior Cash ISA account within 3 business days of the date of receipt. Internal CTFs can also be transferred to this Junior ISA. Existing CTFs must be transferred in full and closed following any transfer. Transfers of CTFs held with other providers are not permitted.
• We will notify the registered contact if, by reason of any failure to satisfy the provisions of the JISA regulations, a JISA has, or will, become void.
• If you are found to have breached the ISA rules governing subscription limits or the number of Junior Cash ISAs which may be opened in any one year, or your application is incorrect, the Junior Cash ISA will cease to be exempt from tax and any interest earned in that year will be subject to tax.
• When the child reaches 16 they can apply for an ‘adult’ Cash ISA which they can subscribe to in addition to any subscriptions made to their JISA(s). Holding both a cash JISA and an ‘adult’ cash ISA. Subscription amounts are subject to ISA rules governing subscription limits.
• When the child reaches 18 the JISA will be transferred to an ‘adult’ Cash ISA. We will write to the registered contact four weeks prior to the account holder’s 18th birthday. A completed Cash ISA application form and full identification will be required.
• Withdrawals are not permitted until the account holder reaches the age of 18. Only the child can make withdrawals on or after their 18^th birthday, unless;
  • The child becomes terminally ill and the Society receives notification of a terminal illness claim form on behalf of the child by means of an official letter to the registered contact from HM Revenue & Customs. Only the Registered Contact can withdraw the funds from the child’s account.
  • In the event of death and the Society receives notification of death by means of a death certificate.
  • Whilst the JISA remains open interest to the date of death will remain tax free but interest arising after that date will be subject to tax. No further subscriptions will be permitted into the JISA. The personal representatives may have the account funds paid to them or a beneficiary.
• The favourable tax treatment of ISAs may change in the future subject to changes in government legislation

Before applying for any of the above accounts please ensure you read and understand the following:

• The Summary Box of the account you are applying for (see table above)
• Savings Accounts Terms and Conditions
• Tariff of Fees and Charges
• FSCS Information Sheet and Exclusions List

All applicants must sign and return the application form.

Please also refer to our Identification Criteria in case we need to request more information from you

Please return your application to the following address:

Savings & Investment Department
Chorley Building Society
Key House
Foxhole Road
Chorley
Lancashire
PR7 1NZ