Key Features
• Tax-free Savings
• Up to £9,000 a year for the tax year 2023/2024
• Flexible payments can be made
• Friends and Family can also contribute
• No withdrawals
What is a Junior ISA (JISA)
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.
When a child reaches age 16 they can apply for an ‘adult’ cash ISA which they can subscribe to in addition to any subscriptions made to their JISA(s). Holding both a cash JISA and an ‘adult’ cash ISA does not breach the JISA rule that the child can only have one JISA account of each type, and the subscription limits for all ‘adult’ ISA products apply independently of whether or not a child holds, or has held, a JISA in the relevant year.
Therefore, in the tax year in which the child turns 16 they cansubscribe up to the JISA limit, and from their 16 birthday they can, in addition, subscribe up to 50% of the overall ‘adult’ ISA limit to a cash ISA.
In the tax year in which the child turns 17 they can subscribe up to the JISA limit, and subscribe up to the overall ISA limit to a cash ISA.
Transfers out
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.
Transfers in
On receipt of a transfer instruction and signed application form the Society will accept a transfer in of your whole JISA or Child Trust Fund (CTF) 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.
The Society does not accept transfers in from Stocks and Shares JISAs.
HM Revenue & Customs Return
We must supply a return containing details of your JISA to the HM Revenue & Customs each year. We will also give the HM Revenue & Customs any other information they are entitled to receive concerning your JISA. HM Revenue & Customs will use the information we provide to identify investors who have broken the JISA rules by contributing to a disallowed combination of JISAs.
Voids
The Society will notify the registered contact in writing if by reason of any failure to satisfy the provisions of the JISA regulations, the JISA has or will become void. Any corrective action will be taken within 30 days of notification.
If we don’t get it right – how to make a complaint
At the Furness, we always try to provide a first-class service. Occasionally, however, things can go wrong and if they do, we’ll make every effort to put them right.
Ways to contact us
If you have a complaint, you need to contact to someone who understands your concerns. You should contact the relevant branch or Head Office department by calling Furness Direct on 0800 83 43 12 or 01229 824560. You can also e-mail us at furness.direct@furness-bs.co.uk or write to us at Emlyn Hughes House, Abbey Road, Barrow-in-Furness, Cumbria, LA14 5PQ. The Society has a complaints handling procedure and a copy is available on request.
What happens next?
We will record your complaint and work hard to resolve it within 3 days, starting from the day after we received it. If it is possible to resolve your complaint within this timescale, we will send you a letter to confirm this. Please note that in most cases we will contact you by telephone to discuss your complaint so it’s important to note that our call will not display a phone number, it may display e.g. No Caller ID. Some complaints take longer to resolve and under the rules which govern how we handle complaints, we have 56 days (around 8 weeks) to complete the process, however, we are committed to resolving complaints as soon as possible. We will write to you to acknowledge that we’ve received your complaint, confirm the next steps and provide you with the contact details of the person handling it. When we have completed our thorough investigation, we will write to you with a final response that will include what we have looked at, what we have found out and our decision.
Financial Ombudsman Service
We hope that the final decision you receive will provide you with sufficient information to explain the investigation and how we came to our decision, however, if you are not satisfied with the outcome, you can refer it to the Financial Ombudsman Service (FOS) and ask them to look into it for you.
We will send you a leaflet that explains the FOS procedure with our final response. If you decide to refer your complaint to FOS, you must do so within 6 months of our final response. The contact details of the Financial Ombudsman Service are: The Financial ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4 567 or 0300 123 9 123 Website: www.financial-ombudsman.org.uk
Financial Services Compensation Scheme
We are covered by the Financial Services 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.
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.
A deposit is excluded from protection if:
1. The holder and any beneficiary owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union
2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering
3. It is a deposit made by a depositor which is one of the following:
• Credit Institution
• Financial Institution• Investment firm
• Insurance undertaking
• Reinsurance undertaking
• Collective investment undertaking
• Pension or retirement fund *
• Public authority
For further information about exclusions, refer to the FSCS website at www.fscs.org.uk
* Deposits by personal pension scheme, stakeholder pension schemes and occupational pension scheme of micro, small and medium sized enterprises are not excluded.
The Financial Conduct Authority is the independent financial services regulator. It requires us, Furness Building Society, to give you this important information to help you decide whether our Furness Junior ISA is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference.
For more information or details of our interest rates call in at your local branch , ring Furness Direct free on 0800 83 43 12 or email furness.direct@furness-bs.co.uk
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest is paid and added to your account each year. From 6 April 2016, if you’re a basic rate tax payer you’ll be able to earn up to £1,000 in savings income tax free. Higher rate tax payers will be able to earn up to £500. Additional rate tax payers will not receive any allowance. This is called the Personal Savings Allowance. This means that most people will no longer pay tax on savings interest. Banks and building societies will stop deducting tax from your account interest.