Junior ISA (JISAC)

Junior ISA (JISAC)

Maximum Balance

£162,000

Opening Balance

£10

Withdrawal Notice

No

Withdrawal Restrictions

Yes

Interest Rate

3.65%

Information

Interest Type: Variable

Account Opening: Branch Only

Account Operation: Branch & Post

Things you need to know - Summary Box

Account Name

Junior ISA (JISA).

What is the interest rate?

Interest is variable, calculated on a daily basis and is paid annually on 5 April.

Junior ISACurrent Rates
Annual InterestRates effective from: 01/09/2023

BalanceGrossAER†
£10.00 and above3.65%3.65%

†Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to two decimal places.

Can Hanley Economic Building Society change the interest rate?

As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed. If we reduce the interest on your account, we will write to you 14 days before we make the change. For full details on how and why we will change the interest rate on your account, please refer to Section 8 of the Savings Terms and Conditions..

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

Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,036.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.

How do I open and manage my account?

To open an account you must be permanently resident in the UK. Simply call into your local branch and complete an application form.

You will need to provide some identification when you open your account, details of our requirements can be obtained from the “before you apply section” on this page, your local branch or by calling. us. If you are already a Hanley Member, in most cases, this will not be necessary.


When you open your account you will receive a passbook.


Minimum investment is £10 – maximum current JISA allowance which is accessible via the HMRC website. You can add to your account at any time subject to the maximum current JISA limit.

Once the account has been opened it can be managed either in branch and/or via post.

Can I withdraw money?

Money paid into the JISA is an irrevocable gift to the child. The child can only withdraw money on or after their 18th birthday.

Who is eligible for a Hanley Economic JISA?

A child is an eligible child for a JISA with Hanley Economic if, when the account application is made:

  • They are under the age of 18
  • They are 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
What happens at the child’s 16th and 18th birthday?

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

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

Additional Information

Only to be withdrawn on or after 18th birthday.

UK residents only.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs’ (HMRC) website: hmrc.gov.uk . The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.

Is this Product right for me?

Yes if

You are happy to not to access the funds until or after the 18th birthday of the account owner.

You are happy that the interest rate may change at any time.

You want to open and manage your account in branch or via the post.


No if

You want a fixed rate of interest for a fixed term.

You want a JISA which is linked to the Stock Market.

You want to open and manage your account online.

Before You Apply

Before opening an account, it is recommended you read the information below.

Savings Terms and Conditions 2023

Download

Identification Requirements

Download

Service Charges

Download

FSCS Leaflet

Download

FSCS Information Sheet

Download

How to Apply

Apply for this savings account using the method below.

Image of Festival Park Branch

Find a Branch

Find your nearest branch and visit for expert support and assistance from our team during the application process.