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The Hanley Junior ISA Account

Junior Individual Savings Account (JISA) JISA stands for Junior Individual Savings Account. JISA’s are available from 1st November 2011. A JISA is a voluntary savings account and there is no requirement that a child holds an account.

Product Details

Summary Box Key Information for our Savings Accounts
Account Name	The Hanley Junior ISA
Interest Rates (AERs)	Variable rate of interest. For current and previous rates of interest see our leaflet ‘Savings Accounts Interest Rates’, visit www.thehanley.co.uk or telephone our Customer Services Team on 01782 255000.
Tax status	Gross - Tax Free savings
Withdrawal arrangements	No closure or withdrawals are permitted until the Child's 18th Birthday.
Access	Transactions - Branch/Post Account balance and transaction enquiries - visit www.thehanley.co.uk and register for our ‘My Accounts’ service.

Your Junior ISA questions answered

What are the main features of a JISA?
■ Like Adult ISAs no Tax is payable on any of the income a child receives from JISA savings and investments
■ Parents, family members and friends can contribute up to £3,600 each tax year per child
■ The £3,600 contribution limit will be indexed in line with the consumer price index (CPI) from 6 April 2013 onwards
■ Money paid into the JISA is an irrevocable gift to the child and the money is tied up. The child can only withdraw money on or after their 18th birthday

I have a Child Trust Fund am I eligible for a JISA?
JISAs will only be available to children who do not have a Child Trust Fund

Who is eligible for a Hanley JISA?
A child is an eligible child for a JISA with the Hanley if, when the account application is made:
■ they are under age 16
■ they were born on or after 3 January 2011 or do not have a CTF account
■ they are resident and ordinarily resident in the UK, or are a UK Crown servant, married to or in a civil partnership with a Crown servant, or a dependent of a Crown servant
■ in person at one of our branches

What types of JISA are available?
■ a cash JISA
■ a stocks and shares JISA

What are the JISA subscription limits? The annual subscription limit is £3,600 and can be made anytime between 6th April and 5th April.

How does a JISA differ from a Child Trust Fund?
JISAs will not benefit from any contribution from the Government. Both JISA and the Child Trust Fund have a maximum subscription limit of £3,600

Can withdrawals be made from the JISA?
No, any funds deposited can not be withdrawn until the child’s 18th birthday

What happens at the child’s 16th birthday?
On the child’s 16th birthday the account can be transferred into the name of the child. The parent / guardian is removed as the registered contact At age 16 the child is allowed to also operate an Adult ISA meaning between 16 and 18 they can benefit from two tax free ISAs

What happens at the child’s 18th birthday?
On the child’s 18th birthday the JISA will become an Adult ISA. The child can withdraw any monies, close the account or continue to save in it under Adult ISA rules

Can I transfer my child’s JISA?
Yes, transfers to other JISA providers will be allowed, however you will be unable to transfer your JISA to The Hanley

How can I open a JISA?
You can open a JISA for your child at any branch of The Hanley with a minimum deposit of £10. Contact us on 0800 542 8790 to locate your closest branch.