A Junior ISA is a tax-free savings account that can help you save for your child’s future. You can open a Junior ISA for a child under 16 if you are aged 16 or over and have parental responsibility for them. You can put up to £9,000 into a Junior ISA this tax year.
Junior Cash ISAs are a safe place to save your child’s money. The money will earn interest, but you won’t have to pay any tax on the interest.
About the Clockwise Junior ISA
- Start your Junior ISA with as little as £1 for members of Clockwise
- A great annual tax-free rate of 3.00%
- Make unlimited deposits up to £9000
- Applications accepted online only
- Maximum of one account holder per account
The important key facts
- All UK resident children under the age of 18 who do not have a Child Trust Fund are eligible for Junior ISA’s
- Under current rules, children with an existing Child Trust Fund account are not permitted to open a Junior ISA and they also cannot switch their Child Trust Fund to a Junior ISA
- Any income or gains will be tax-advantaged
- Both cash and stocks and shares Junior ISA’s will be available, but Clockwise only offers the cash JISA, though we can refer you to a suitable stocks and shares JISA. Children can hold up to one cash and one stocks and shares Junior ISA at a time (two accounts in total)
- There is overarching contribution limit of £9000 per year
- Accounts are owned by the child and funds will be locked in until the child turns 18. Children have the right to manage their accounts from age 16.
- Junior ISA accounts will by default become adult ISAs on maturity.
- There will be no government contributions or matched payments into accounts.
- There will be no stakeholder Junior ISA account.