Terms and conditions for Junior ISA
1. These Terms and Conditions set out the contract between you and us. They explain our obligations to you and your obligations to us, when you hold a Clockwise Junior ISA account.
2. They are in addition to any other conditions implied or included by law, such as your statutory rights as a consumer, even if they do not appear in these conditions. These Terms and Conditions should be read in conjunction with HM Revenue & Customs Rules
3. For details of rates paid on the Junior ISA, please see the current dividend rates on our website at www.clockwise.coop or ask in branch at 1 St. Nicholas Place, Leicester or at one of our Collection and Information points.
Account Holding and Ownership
4. To open a Junior ISA with Clockwise Credit Union Limited, the parent/guardian/sponsor must be a member of the Credit Union. Membership is free.
5. Only individuals aged 16 or over who have parental responsibility for a child under 16 years can apply to open a Clockwise Junior ISA on behalf of that child.
6. The child is the account holder and can only hold one cash Junior ISA at any one time.
7. Once the child reaches the age of 18 years, we will automatically convert the account into a Clockwise Cash ISA, and the new account terms and conditions will apply.
8. The child can apply at the age of 16 years to manage the account themselves.
9. A minimum deposit of a £1 balance is required to open the account.
10. The maximum annual investment is subject to the annual Junior ISA allowance per tax year.
11. If after opening the account, you do not consider it to be suitable you may transfer the balance to another account with us, or have the money returned, provided that in either case we receive notification of your intention within 14 days from the date that the Junior ISA was opened. Interest will be paid gross to you and the subscription will not count toward the child’s Junior ISA limits for that tax year. You can open a subsequent Junior ISA with us or with another financial institution.
12. We pay an annual rate of interest.
13. Whenever we change the interest rate paid on your account, we will always give you personal notice in writing within 30 days of the expected date of change.
14. We will pay you interest annually after we close for business on 5th April by adding it to this account, and credit it to your account on the following day.
15. Interest is calculated from the day your investment is received up to and including the day before your withdrawal or closure of the Account.
16. Interest will be exempt from UK Income Tax providing the Junior ISA terms have been fully met. Also, see the Additional ISA Conditions for provisions relating to the death of the holder of the account (‘Account Holder’).
Paying Money in
17. Any payment made into the account which does not breach the annual subscription limit, is a gift to the child and is not refundable.
Taking Money out
18. Withdrawals from the account before the child’s eighteenth birthday are prohibited, except where a terminal illness claim has been made on behalf of the child and been agreed in accordance with the regulations.
19. Transfers to another Junior ISA provider are free.
Closing the account
20. The account will close (free of charge) and tax exemption will end:
a. On the death of the child.
b. Upon the direct instruction of HM Revenue and Customs.
Variation of Terms and Conditions
21. We may make changes to the terms of this agreement. If the change is to your disadvantage we will tell you about it personally, either by letter, email or secure personal message within the Clockwise Internet site, at least 30 days before we make the change. We may make any other change immediately and tell you about it by putting a notice in our branches and/or on the website or an advertisement in the press.
22. We will send you an annual statement showing all the transactions, since your last statement (or the opening of your account) in April each year following the payment of your interest. If you fail to receive a statement or any other expected financial information, you should contact us immediately
Proof of Identity
23. Money Laundering Regulations require that all Financial Institutions verify the identity of all their Account Holders. Therefore, when opening an account, please remember to present proof of identity as outlined on our website. We may make additional enquiries or seek additional references as necessary.
Law and language applicable to this contract
24. If you hold an account with us we will always communicate with you in English. The contract that you form with us when you open an account is also in English; it will be governed by English Law and will be subject to the exclusive jurisdiction of the courts of England and Wales. English Law will also govern any pre contract relationship existing between us.
25. We can repay all or part of your investment at any time, without giving any reason. This is subject to us giving you at least 45 days’ notice in writing, under normal circumstances.
26. We do not have to recognise the interest or claim of any person other than the Account Holder in respect of money held in the Account, nor will we be liable in any way for failing to recognise such interest or claim, except as required by law.
27. We have the right to retain and set off all money in any account you hold with us against any money you may owe us which is due for payment but which has not been paid. We will give you notice in writing when we have done this. Interest or bonuses will not be paid on any money after it has been used in this way.
28. We will assume you have received any correctly addressed letter or other personal notice within 3 working days after we have posted it to you at your registered address.
29. If we inadvertently fail to send you a communication or display a notice at any of our branches, our Collection and Information points or our website at www.clockwise.coop, this will not make the notice invalid.
30. Clockwise Credit Union Ltd. is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to a maximum of £85,000 per person (for claims against firms declared in default from 31 December 2010).
31. Our aim is to provide a first class standard of service at all times. However, there may be occasions when you feel this has not been achieved. If you have a complaint about the products or services we provide, please contact our head office at 1 St Nicholas Place, Leicester, LE1 5LB or see our website www.clockwise.coop where the complaints procedure can be found in the footer of any page
32. In the unlikely event we are unable to resolve your complaint, you can write to The Supervisory Committee, Clockwise Credit Union Ltd. 1 St Nicholas Place, Leicester, LE1 5LB
33. If we are unable to settle a complaint you are entitled to refer it to the Financial Ombudsman Service.
* A tax year runs from 6th April to 5th April the following year.