Notices

Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 4.75% on 7 November 2024. Find out more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 December 2024. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 December 2024 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.
(Notice updated 08/11)
Online Service update. Due to planned essential maintenance, our Online Service will not be available between the hours of 8:00 am until 6:00 pm on the 15 December. We apologise for any inconvenience this may cause.

Junior Cash ISA (2)

Saving tax-free for a child is a no brainer. The interest rate is tiered so the more you save, the better the return.

Your savings are protected.

Annual interest (AER gross)	Account rate type	Minimum opening amount	Additional information	Monthly interest option?	Withdrawal limits	Available to new customers?
4.35% to 4.60%	Variable	£1	Interest rates depend on balance Open by post or in branch.	No	No withdrawals allowed. Account cannot be closed until the account holder reaches age 18.	Yes

Key features

View summary box

Apply for an account by post or at our Epsom branch
Accounts can be opened by cheque, by transfer from an existing Junior Cash ISA or from an existing savings account with us (subject to normal withdrawal terms of the paying account). Child Trust Funds cannot be transferred into this account
Up to the annual statutory Junior Cash ISA limit of £9,000 for the tax year 2024 / 2025 can be deposited plus transfers of previous tax years' subscriptions
Tax-free variable interest earned from the day we receive your investment (subject to identification requirements being met)
Variable tiered interest rate to reward those who save more
Interest paid annually on 30 September and added to the account
Add to your savings* by transfer from your bank account, by cheque and by transfer from another account with us
Please note, transfers from Stocks & Shares ISAs are not permitted
Withdrawals or closure not available until the account holder reaches age 18
Transfer to another Junior Cash ISA is allowed after a 45 day notice period or without notice subject to the loss of 45 days' interest on the total amount transferred.

* To send additional savings directly from your bank account the banking details you’ll need can be found on the back of your new account Certificate.

Before you apply, please read the account summary box below. It is not intended to be a substitute for reading the Product Features leaflet and General Conditions for our Savings Account booklet.

Account info downloads Request a callback

Account summary box

Account name

Junior Cash ISA (2)

What is the interest rate?

Rate effective from 31 August 2023		Tax-free¹AER²
£3,000+		4.60%
£1+		4.35%
Interest rates are dependent on balance amount Interest is calculated daily and paid annually on 30 September.

Can the Family Building Society change the interest rate?

Yes, the interest rate is variable and may be changed. Please refer to Section 14 of the General Conditions for our Savings Accounts booklet for more information on when we may make changes to the interest rate and how this will be communicated.

What would the estimated balance be after 12 months based on a £1,000 and £3,000 deposit??

Opening balance		Projected balance (Gross)
£3,000		£3,138.00
£1,000		£1,043.50
These projections assume that the account is opened with the stated amount with no additions or withdrawals made. Projected balance is at the end of 12 months All projections are provided for illustrative purposes only and do not take into account individual circumstances Actual interest may depend on the date the account is opened and the date that interest is paid.

How do I open and manage my account?

The Junior Cash ISA can be applied for by post or at our Epsom branch
A minimum of £1 must be deposited
Accounts can be opened by cheque, by transfer from an existing Junior Cash ISA or from an existing savings account with us (subject to normal withdrawal terms of the paying account). If transferring from an existing Junior Cash ISA then please allow up to 15 working days for the transfer process to fully complete
Child Trust Funds cannot be transferred into this account
Instructions for the account can be made by phone, by post and at our Epsom branch.

Can I withdraw money?

Withdrawals are not permitted and the account cannot be closed until the account holder reaches age 18. Please see the ‘Taking money out’ section of the Product Features leaflet for full information
Transfer to another ISA provider is allowed after 45 days’ notice or without notice subject to the loss of 45 days' interest on the total amount transferred.

How can I make deposits?

A minimum of £1 must be deposited
Additions are allowed but not required on a regular basis
Additions to the account can be made by transfer from your bank account, by cheque or by transfer from an existing savings account with us
Please note, transfers from Stock & Shares ISAs are not permitted
Up to the annual statutory Junior Cash ISA limit of £9,000 for the tax year 2024 / 2025 can be deposited plus transfers of previous tax years' subscriptions.

Additional information

TAX STATUS: Tax-free (the future tax treatment of Individual Savings Accounts may vary). Interest is paid annually on 30 September and available the following day.

This product is not a flexible ISA. Transfers in of flexible ISAs are allowed, however you will lose the flexibility of being able to replace withdrawn funds.

This issue may be withdrawn at any time without prior notice.

There is no tax to pay on the interest from our Junior Cash ISA account, however the future tax treatment of Individual Savings Accounts may vary. If you want further details on any potential tax implications for your children’s savings, please visit the HM Revenue & Customs (HMRC) website.

The tax year runs from 6 April to 5 April each year.

¹Interest is paid tax-free as it is currently exempt from income tax. The future tax treatment of Individual Savings Accounts may vary.

²AER stands for Annual Equivalent Rate and illustrates what the annual rate would be if interest was compounded.

All financial information correct on 18 August 2023.

Account information downloads

Junior Cash ISA (2) Product Features leaflet
Junior Cash ISA Summary Box flyer
Financial Services Compensation Scheme Information Sheet
How we use your personal information
General Conditions for our Savings Accounts
Tariff of savings charges

From 6 April 2024, if you're 16 or 17 you can only open either an adult or a Junior Cash ISA. How does that affect me?

From 6 April 2024, the age you can open an adult Cash ISA has increased from 16 to 18. There is no change to the age limits for junior Cash ISAs.

However, previously 16 and 17 year olds could have both a junior and an adult Cash ISA and subscribe to both until age 18. From 6 April 2024, you can only have and subscribe to one Cash ISA until you’re 18. If you already have both an adult and a junior Cash ISA with us, you can continue to subscribe to one of the ISAs up to the annual statutory limit per tax year (£20,000 for an adult ISA, £9,000 for a junior ISA). If transferring from another provider, any current year’s subscriptions must be transferred in full.

How to apply – Transfer of an existing Junior Cash ISA only

You can apply to transfer an existing Junior Cash ISA to a new Junior Cash ISA Account in the following ways:

By visiting our Epsom branch, which can be found in Ashley Square, Epsom, Surrey, KT18 5DD
Request an application pack over the phone: Call us on 03330 140141

To transfer your existing Junior Cash ISA to the Family Building Society, you will need to complete and send us both a Junior Cash ISA Application Form AND a Junior Cash ISA Transfer Authority Form. We will then notify your current ISA provider so that the transfer can begin in line with their terms and conditions. The process can take up to 15 working days from receipt of an application form and transfer request form to the new account being opened. It varies depending on the speed with which your existing ISA manager responds to our request.