For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). In respect of deposits, an eligible depositor is entitled to claim up to £85,000. Most depositors - including most individuals and small businesses - are covered by the scheme. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Your deposits with us are covered by the Financial Services Compensation Scheme (FSCS). Tax free rate is the contractual rate of interest payable where interest is exempt from income tax. The account can't be closed after this, unless the money in the account is transferred to another junior ISA, the child becomes terminally ill or dies.ĪER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.You'll still be able to open another junior cash ISA account in the same tax year with us or another provider. If you aren't happy with your Junior Cash ISA, you can cancel within 14 days of opening without charge.At least 30 days before this date we'll write to the Junior Cash ISA account holder (and registered contact if different) providing details of this. When the child turns 18 their Junior Cash ISA will automatically mature into an adult ISA.The tax advantages depend on your individual circumstances and the tax treatment of your ISA may change in future.A junior ISA held with another provider can be transferred to TSB.The Junior Cash ISA is for children under 18 who don't hold or aren't eligible to hold a Child Trust Fund.Each child can only have one Junior Cash ISA open at once.
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