|Balance in the account||% Tax free(2)||%AERs(1)|
Interest is calculated on a daily basis and paid into this account on the 5th April each year. The interest will be paid directly into this account with the Society.
Please refer to section 7 of the Savings Account General Terms and Conditions for details on how we calculate interest.
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
This account has a variable rate of interest and is subject to change; this means we may increase or decrease interest rates at any time. If we reduce the interest rate and you have at least £100 in your account, we will give you 14 days notification prior to the change and you will have a period of 30 days from the date of the notification to switch or close your account.
The terms of the Junior Cash ISA are available in branch or at www.chorleybs.co.uk/savings
Please refer to section 7 of the Savings Accounts General Terms and Conditions for further information on how and why we may change the interest rate.
Based on the current rate of interest, if you opened this account and deposited £1,000, after 12 months you would have £1012.50.
This projection is for illustrative purposes only and does not take into account your individual circumstances. The projection is based on no additional deposits, withdrawals or changes in interest rate within the 12 month period.
Transfers between Junior Cash ISA providers are permitted.
Withdrawals are not permitted until the account holder reaches the age of 18. Only the child can make withdrawals on or after their 18th birthday, unless;
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.
Please refer to section 9 of the Savings Accounts General Terms and Conditions for further details. The terms of the Easy Access Cash ISA are available in branch or at www.chorleybs.co.uk
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.
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.
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. 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.
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.
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.
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.
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.
Changing your mind
In respect of this 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.
What to do if you’re not satisfied
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.
Before applying for any of the above accounts please ensure you read and understand the following:
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
The Society will collect your email address as an alternative means of communication if we cannot reach you via telephone. This data will not be used for any other purpose.