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Junior ISA - 2017/2018

  • Under 18s
  • Tax Free Savings 
  • Save £1 - £4,128 per Tax Year 
  • Transfers - In Accepted
Savings Information
This account is suitable for someone who is aged below 18 and is looking to receive tax free variable interest with no
access to funds until age 18.
 


Product Terms and Conditions

Summary Box

What is the Interest Rate?

  Gross* / AER** %
£3,000+ 2.50
£1+ 2.00

Interest is paid annually on 31 March and can be added to your Junior ISA or paid to your bank account.


*Interest is paid exempt from UK tax.

**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.
Can MHBS change the Interest Rate?
This account has a variable rate of interest. We may vary the rate if we reasonably believe the change is needed. For full details please refer to section 12.3 of the General Savings Account Terms and Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?
The estimated balance would be £1,020 after 12 months based on £1,000 deposit, further examples are shown in the table below:

  Estimated balance after 12 months
£3,000+ £3,075.00
£1+ £1.02
 
This is for illustrative purposes only and is based on no withdrawals or further deposits being made and interest being added to the account.
How do I open and manage my account?
You can open and manage this account in branch or by post.
 
The minimum balance is £1 and the maximum balance is £4,128 per tax year. 
 
Once the maximum limit for the particular tax year is reached no more deposits are allowed regardless of any withdrawals.

You can pay into your account by electronic payment, or by cash or cheque.

 
ISA subscriptions can be split in any proportion between Junior Cash and Junior Stocks and Shares ISAs as you choose. However, you can only pay into one Cash Junior ISA and one Stocks and Shares Junior ISA each tax year.

For under 16s the account must be opened by someone with parental responsibility for such a person on their behalf as a Registered Contact.

Transfers in from other Junior ISAs, whether with the Society or another provider are permitted. You can transfer to another provider at any point. We will forward the funds to the new Junior ISA provider within 5 business days of receiving your instruction from them.

The whole of a Child Trust Fund can be transferred into the Market Harborough Building Society Junior ISA. Partial transfers of Child Trust Fund investments cannot be made.

This account can be cancelled within 30 days of opening. The Society will help to switch the account or refund the funds together with interest (paid at the Instant Access ISA rate).
Can I withdraw money?
Withdrawals are not permitted until the account holder (not the Registered Contact) turns 18. At this point the account will be transferred to an Instant Access ISA and up to date identification will be required to access the funds.

Any funds paid into the account will be a gift to the account holder and as such cannot be repaid at a later date if the subscriber changes their mind.
Additional Information
ISAs can only be held in the name of one individual.
 
The Society will notify you, if by reason of any failure to satisfy the provision of the ISA regulations, your ISA has, or will, become void. 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. 

You must be a permanent UK resident at the time of opening the account.

 
Please note that the account holder (not the Registered Contact) is the beneficial owner of the investment.
 
For full terms and conditions for savings accounts, please see separate leaflet.
 
In the event of any apparent conflict between these conditions and the General Savings Account Terms and Conditions, these conditions take precedence.
 
This product may be withdrawn from sale at any time without notice.






This information can be made available in Braille, Large Print and Audio Format. 
 
 
Issue Date: 6 April 2017
 
 
 
 
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