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(until 23 November 2020)
(from 24 November 2020)
NS&I Junior ISA
3.25% tax-free/AER until 23 November 2020
1.50% tax-free/AER from 24 November 2020
We calculate the interest daily and add it to your account once a year on 6 April.
Yes, the rate is variable so we can change it up or down from time to time, for example when the Bank of England base rate changes or when rates in the general savings market change. See the customer agreement (terms and conditions) for more details.
A £1,000 deposit would be worth £1,032.50 after 12 months, if the interest rate stayed
at 3.25% tax-free/AER (the rate until 23 November 2020) during the 12 months.
A £1,000 deposit would be worth £1,015 after 12 months, if the interest rate stayed
at 1.50% tax-free/AER (the rate from 24 November 2020) during the 12 months.
These are illustrations only, so they don’t take into account your individual circumstances. They assume that you don’t make any withdrawals or additional deposits during the year.
Our Junior ISA is for children aged under 18 who live in the UK. (Children under 18 who live outside the UK can only hold a Junior ISA if they are a UK Crown servant, or married to or in a civil partnership with a UK Crown servant, or a dependant of a UK Crown servant.)
For children aged under 16, only their parent or legal guardian can open an account. Children aged 16 or 17 can open their own account, or their parent or legal guardian can open it for them.
You can:
If you’re unable to use our online service due to exceptional circumstances, please call us to discuss your options
If you want to switch to Junior ISA from another NS&I account or investment held in the child’s name:
No, you can’t withdraw money from any Junior ISA – they are designed as long-term savings accounts to build up a nest egg for the child when they reach 18. (The only exceptions are if the child dies or has a terminal illness.)
On the child’s 18th birthday, we’ll automatically transfer the money to an adult cash ISA from NS&I. The child will then be able to withdraw money. We’ll contact the person who looks after the account about a month before the transfer happens.
The interest earned is tax-free, so it won’t count towards the child’s Personal Savings Allowance.
Find out more about tax and savings
We’ll send you an electronic statement in April each year, showing all your deposits and interest earned.
Tax-free means the interest is exempt from UK Income Tax.
AER (Annual Equivalent Rate) illustrates what the annual rate of interest would be if the interest was compounded each time it was paid. Where interest is paid annually, the quoted rate and the AER are the same.
Our Handy guide tells you more about:
While the child is under 16, only their parent or guardian can manage the Junior ISA. Once the child reaches 16, they can look after the account by registering for our online service.
You can look after the Junior ISA online only. You’ll be able to log in to check your balance, review your transactions and change your personal details. We’ll send you an electronic statement every April, showing all deposits made and interest added.
Remember, no withdrawals can be made from a Junior ISA. On the child’s 18th birthday, we’ll automatically transfer the money to an adult cash ISA from NS&I. The child will then be able to withdraw money. We’ll contact the person who looks after the account about a month before the transfer happens.
The person who looks after the Junior ISA can pay in by debit card. And anyone can pay in by bank transfer and standing order. All deposits must be from a UK bank account.
Give the following details to your bank and tell them how much to transfer and how often. You’ll normally be able to do this online, by phone or in a branch, depending on your bank.
| Reference: |
You must enter your Junior ISA account number (not your NS&I number) as the reference.
You can find your account number on your statement or by logging into our online service. Make sure you enter your Junior ISA account number correctly. Don't add any other information in the reference field apart from your account number. |
| Payee name: | NS&I |
| Account number: | 11994808 |
| Sort code: | 60 89 73 |
To cancel, contact your bank – not NS&I.
Any deposits that would exceed the annual subscription limit will be automatically refunded in full to your bank account, so you may want to check before making the deposit.
Log in or call us at any time with your debit card details.
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