A Cash Junior ISA currently paying a variable rate of 3.05% tax free.
Minimum investment £1
Maximum overall investment limit of £3,720 up to 5 April 2014.
|AER||Gross p.a.||Net p.a.|
|£1 and over||3.05||3.05||tax free|
For an application pack including a Key Features Document please contact your nearest branch or agency or contact us free on 0800 834312.
A Junior Individual Savings Account (JISA) is an investment account of an eligible child managed in accordance with the ISA regulations under terms agreed between the ISA provider and the registered contact. It is available to eligible children from 1 November 2011. There are two types of JISA – Cash JISA and Stocks & Shares JISA. Furness Building Society only offers a Cash JISA.
A child can only hold one of each type of JISA at any one time throughout their childhood (although between ages 16-18 they can also hold a Cash ISA. If a child holds a JISA and a Cash ISA the limits are independent of each other and the maximum cash contributions can be made to both
The purpose of the Key Features Document is to provide balanced information so that you can make an informed choice about how to save.
A child is eligible to open a JISA if:
• They are under 17 years old at the time of application
• They do not have another Cash JISA
• They do not have a Child Trust Fund 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 dependant of a Crown servant.
The JISA investment shall be in the beneficial ownership of the child and the account must be held in the name of the child.
Any person can contribute into a child’s JISA. The person subscribing to a JISA should note that the amount subscribed is a gift to the child.
A person with parental responsibility for any eligible child (or the child themselves if aged 16) can apply to open a Furness Junior ISA and become a registered contact. If a child is under age 16, only a person with parental responsibility can apply to open the JISA. The Society will rely on the declaration of eligibility given on the account application. However if we have reason to believe the declaration is untrue we reserve the right to refuse to open the account. There can only be one registered contact at any time.
A JISA cannot be operated under a Power of Attorney for the registered contact.
If the child is aged 16 and over, they can become the registered contact for their account at any time, and WITHOUT the consent of the existing registered contact (subject to an exception for children suffering a mental disorder). Once the child account holder has assumed registered contact status this cannot be passed to another person.
An application for registered contact status has effect only from the date on which it is completed and where appropriate the consent of the existing registered contact has been obtained.
Please refer to the Customer Identification section of the General Investment Terms & Conditions and Other Important Information for our identification requirements for the child and registered contact.
The minimum investment is £1 and you can save any amount in the Cash JISA up to a maximum of £3,720 overall in the tax year 2013/2014. Any part of the annual limit which is not used is lost and cannot be carried forward or back to other years. Please note the limit is an overall limit and therefore any subscriptions made to a stocks and shares JISA will limit what you can pay into the Cash JISA in the same year and vice versa.
Any amount not invested in a Cash JISA can be invested in a stocks and shares JISA – subject to the £3,720 overall limit.
|Example||Cash||Stocks & Shares|
You can hold each type of JISA with different providers or the same provider. JISA investors may subscribe to:
• One Cash JISA and/or
• One Stocks and Shares JISA
JISA subscriptions do not count towards the Cash ISA limits.
Tax free interest will be added to the JISA on 5th April annually and cannot be withdrawn from the account. Interest is calculated on a daily basis. Taxfree means the interest paid where interest is exempt from Income Tax. You can find out about our interest rates by asking at your local branch or agency for a Current Interest Rate leaflet or by visiting our website.
The JISA will mature on the child’s 18th birthday (except in the event of the child’s death, or direct instruction from HMRC). No partial withdrawals are allowed before the child’s 18th birthday. A JISA cannot be closed if a child becomes non-resident. Contributions can still be made whilst a child is non-resident however new accounts cannot be opened. Any payments into the account from third parties are a gift to the child and cannot be withdrawn by the donor under any circumstances.
Important: If any excess subscriptions do enter the JISA inadvertently and the Society is required to return the subscriptions, any refund will be payable to the child, as all subscriptions are gifted to the child.
The Furness Junior ISA will be transferred to a Cash ISA so that the money saved retains its tax free status and the child will have full access to their funds. Any monies paid into the JISA in the tax year in which the account holder becomes 18 won’t count towards the subscription limit for the normal Cash ISA in that tax year.
We will write before the 18th birthday of the account holder outlining the options available at that time.
JISA transactions can be made either by cash, cheque, electronic bank transfer or standing order.
You may cancel an application to open a JISA during the first 14 days after the account was opened. Interest will be paid to you gross during the cancellation period. You may still open a JISA elsewhere and for the full amount if the JISA has been cancelled. If you do not exercise your right to cancel in the first 14 days, you will be bound by the terms and conditions detailed in this key features document.
Upon the instructions of the registered contact and within the time stipulated by the registered contact, your JISA, with all rights and obligations shall be transferred to another JISA provider. Transfers can only be made in full and not part. On receipt of a transfer request from our new provider the funds and required information will be sent to the new provider within 5 working days in accordance with the ISA regulations relating to transfers.
On receipt of a transfer instruction and signed application form the Society will accept a transfer in of your whole JISA from another provider. We will send the instruction and our confirmation that we will accept the transfer, to your existing provider, within 5 working days in accordance with the ISA regulations relating to transfers. On receipt of the funds we will credit your account within 3 working days. When an ISA is transferred into the Society from another provider, we will commit to the industry standard and backdate the start date for interest accrual on the funds transferred to the date of the cheque/BACS payment received from the existing provider. Providing the existing provider ensures the date of the cheque corresponds to the date of the closure of the existing ISA account, or back to day 16 of the transfer process, whichever is the earlier, in accordance with the ISA regulations relating to transfers. Please note the Society will require your passbook for any transaction including transfers.
We must supply a return containing details of your JISA to HM Revenue & Customs (HMRC) each year. We will provide HMRC any information they are entitled to receive concerning your JISA. HMRC will mainly use the information we provide to identify investors who have broken the JISA rules by contributing to a disallowed combination of JISAs.
The Society will notify the registered contact in writing if, by reason of any failure to satisfy the provisions of the JISA regulations, a JISA has, or will, become void. Any corrective action will be taken within 30 days of notification.
Customers always come first at the Furness so if you think we could improve our products or services please let us know. If you would like to find out more about our internal complaints procedure please contact your local branch. Alternatively you can call Furness Direct on 0800 834 312, e-mail us at email@example.com or write to us at 51-55 Duke Street, Barrow in Furness, Cumbria LA14 1RT. Complaints we cannot settle may be referred to the Financial Ombudsman Service.
We are covered by the Financial Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of depositors, an eligible depositor is entitled to claim up to £85,000. 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). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 020 7892 7300 or 0800 678 1100.
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