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Junior ISA (JISA)

Summary Box
Account name	Junior ISA (JISA) (for ages 0-17 inclusive)
What is the interest rate?	3.85% Tax-Free*/AER Interest is added to the account annually on 5 April.
Can the Society change the interest rate?	The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and the protect the long-term future of the Society. We will give you 14 days’ notice before any change that would disadvantage you, providing you have a minimum balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions of any changes to your disadvantage.
What would the estimated balance be after 12 months based on a £1,000 deposit?	Based on the current rate of interest, if you deposited £1,000 into this account, after 12 months you would have £1,038.50. (This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only and does not take into account your individual circumstances.)
How do I open and manage my account?	To open this account: • You need to be the parent or legal guardian of a child aged between 0 and 17, or you can open an account for yourself if you are aged 16. • Provide an opening investment of £10 up to the maximum annual JISA limit set by HM Revenue & Customs (HMRC). Please speak to a member of staff or refer to our website for the current JISA subscription limits. • The child or parent must be an existing member or a new member resident in postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG. • Be a permanent UK resident. • Transfer an existing JISA or Child Trust Fund (CTF) from another manager. To open an account, you must complete the appropriate application form. You can visit any of our branches with your opening investment of cash or cheque or apply by post by sending the application form with an opening cheque. You will be asked to provide proof of identity. This is to reduce the risk of fraud and is in line with anti-money laundering legislation. Acceptable forms of identification are detailed in our ‘Verifying your name and address’ leaflet. Alternatively, our staff will give you full details. If you change your mind: If you are not happy with your JISA within 14 days of opening it, we will help you switch accounts or return your savings with interest. If your JISA was opened with a transfer form another JISA manager, it cannot be closed but it you can still transfer it again to another JISA manager. How do I manage my account: • You may invest up to the maximum JISA limit in each tax year by cash, cheque or standing order. Please speak to a member of staff or refer to our website for current subscription limits. • The maximum annual cash limit is set by HMRC. Please speak to a member of staff or refer to our website for the current ISA subscription limits. • You can only deposit into one cash JISA and one Stocks and Shares JISA up to the maximum annual subscription amount across both accounts. • The Registered Contact with receive all correspondence. • A statement detailing transactions will be sent annually, shortly after the child’s birthday. • At age 16, the child can take responsibility for the account without the Registered Contact’s consent. However, this won’t happen unless we are specifically asked by the child to transfer responsibility
Can I withdraw money?	No, withdrawals are not allowed until the child’s 18th birthday. Can I transfer out my JISA to another JISA manager: Yes. If you would like to transfer to another JISA manager, you will need to contact the to start the transfer process. Your JISA will be transferred within 5 business days of receiving your request. What happens when the child reaches 18 We will write to the Registered Contact to confirm that the account has been transferred to and instant access adult ISA available at that time. The terms and conditions and interest rate applicable to that new account will then apply. They will have full access to their savings on receipt of a sample signature and proof of identification.
Additional Information	This represents the Terms and Conditions for Junior ISA and should be read in conjunction with the Cash ISA Key Features Document, General Investment Terms & Conditions and our Customer Information booklet. Tax-Free* Interest is free of Personal UK Income Tax, your Personal Savings Allowance and Capital Gains Tax. AER (Annual Equivalent Rate) A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year. Customer complaints Although we do all we can at Suffolk Building Society to provide a first class customer service, sadly from time to time things do go wrong. We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs. We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint please let us know by visiting any branch or agency, or call 0330 123 0723 and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure. You can request a copy of this at any time. Changes to these terms Any changes in terms will be displayed in our branch offices. At least thirty days’ notice will be given of any changes to your disadvantage. Financial Services Compensation Scheme Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff. Retail Banking Conduct of Business Suffolk Building Society complies with the Retail Banking Conduct of Business which set standards of good practice for building societies and banks.

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Our savings accounts are currently available to open in branch or by post. If you’re looking for more information on how to open your account we’ve put together a helpful guide.

To open a new account, you must be an existing member or a new applicant resident in our local postcode areas AL, CB, CM, CO, IP, LU, MK, NR, PE or SG.

If you’re ready to open your savings account by post you’ll need to do the following:

Download, read and accept the terms and conditions
Read and retain the Financial Services Compensation Scheme (FSCS) information sheet
Read and retain the Privacy Notice
Download the application form by clicking this link. Complete it by typing into the boxes, then print and sign it (handwritten forms are also accepted). You can then email it to us or pop into branch.

We will require proof of your identity to open a new account if you are a new customer. For existing members we may request identification, for example if your records with us are incomplete. Read more about proof of your identity by clicking here.

You can either open your account:

In your local branch – please get in touch before you plan to visit us, so we can make sure we allow enough time to open your account and run through the items we will need you to bring.

By post – Completed application forms, along with copies of your identification, should be posted to: Suffolk Building Society, Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ.