Junior Cash ISA

• The account must be held in the name of the child.
• Available to eligible UK residents only under the age of 18 and who do not already hold a Child Trust Fund (unless it is being transferred into the Chorley Junior Cash ISA on opening).
• All the money in the account belongs solely to the child.
• Customers may also invest their 2024/25 ISA subscription, if they have not already subscribed within the 2024/25 tax period, up to the limit of £9,000 (transfer of funds from existing Chorley Building Society accounts are not permitted).
• To open an account you will need to apply in branch or by post and let us have;
  • a fully completed Junior ISA Share Account application form;
  • at least the minimum deposit of £1; and
  • proof of identity, address and residency for the account holder and where applicable the registered contact
• The minimum deposit and account balance is £1 and further deposits are allowed up to the maximum investment of £9,000 in the 2024/25 tax year. Subscription amounts are subject to ISA rules governing subscription limits.
• Once the amount deposited in any tax year reaches the maximum annual investment limit no further deposits are allowed until the following tax year (the tax year runs from 6 April to 5 April each year).
• Please note the Society only offers cash ISA products.
• On instructions of the registered contact the JISA with all rights and obligations shall be transferred to another provider. The Junior Cash ISA can be transferred into another provider’s Junior Cash ISA or a Stocks and Shares Junior ISA. Partial transfers can only go into another provider’s Stocks and Shares Junior ISA. We will forward the funds to the new ISA provider within 15 business days of receiving your instruction from them.
• On receipt of a transfer instruction from you we will forward it to the old Junior ISA manager, together with a confirmation that we will accept the transfer, within 15 business days of the date of receipt, and on receipt of the funds and accompanying information from the old ISA manager, we will credit the funds to the Junior Cash ISA account within 3 business days of the date of receipt. Internal CTFs can also be transferred to this Junior ISA. Existing CTFs must be transferred in full and closed following any transfer.
• This product can be opened and managed in branch and by post. Please refer to the Society’s Savings Accounts General Terms and Conditions.
• This is a limited issue and the Society reserves the right to withdraw this product without notice at any time.

Transfers between Junior Cash ISA providers are permitted.

Withdrawals are not permitted until the account holder reaches the age of 18. Only the child can make withdrawals on or after their 18th birthday, unless;

• The child becomes terminally ill and the Society receives notification of a terminal illness claim form on behalf of the child by means of an official letter to the registered contact from HM Revenue & Customs. Only the Registered Contact can withdraw the funds from the child’s account.
• In the event of death and the Society receives notification of death by means of a death certificate.

The account will mature on the child’s 18^th birthday. The account balance will then be available on the next working day. ‘Working day’ means a day other than a Saturday, Sunday or Bank Holiday. We will contact you at least 14 days prior to maturity to advise you of the options available at that time.

If you take no action on maturity, the JISA will be automatically transferred to an ‘adult’ Chorley Cash ISA. A completed Cash ISA application form and full identification will be required.

Please refer to section 9 of the Savings Accounts General Terms and Conditions for further details. The terms of the easy access Chorley Cash ISA are available in branch or at www.chorleybs.co.uk

• Please refer to the Important Information section.

• What are the risks? The Government can change the taxation treatment of ISAs at any time without prior notice.

• Interest is paid tax free on this product. Your tax treatment is dependent on your own personal circumstances and may be subject to change in the future.

A Junior Cash ISA may only be opened by a child under 18 years of age who does not hold a Child Trust Fund (CTF) and who is resident in the UK, or is a UK Crown servant, a dependent of a UK Crown servant or is married to/in a civil partnership with a UK Crown servant.

You must notify the Society if the child ceases to be resident in the UK or if not so resident, ceases to perform duties as a Crown employee serving overseas or to be married to, or in a civil partnership with a person who performs such duties which allow the child to subscribe to a JISA. The JISA will continue to be exempt from UK tax but no further subscriptions can be made until the child meets the residency requirements again.

The registered contact is the person who agrees with the Society the terms and conditions under which the account will operate, and give instructions to the Society for the management of the account. There can only be one registered contact at any time. The registered contact will be issued with any statements or correspondence relating to the JISA. Where the Society becomes aware that the registered contact for an account no longer has parental responsibility for the child, no further instructions can be taken from this person and the Society would request that a new registered contact application be made.

Any person or body may make subscriptions to the account, they do not have to be related to the child nor resident in the UK. However, once a subscription is accepted it will be treated as a gift to the child and as such cannot be repaid to the subscriber or transferred should the subscriber change their mind.

Where the Society becomes aware that the registered contact for an account no longer has parental responsibility for the child, no further instructions can be taken from this person and the Society would request that a new registered contact application be made.

We will make sure that any person to whom we delegate any of our functions or responsibilities under the terms agreed with you is competent to carry out those functions and responsibilities.

We will notify the registered contact if, by reason of any failure to satisfy the provisions of the JISA regulations, a JISA has, or will, become void.

If you are found to have breached the ISA rules governing subscription limits or the number of Junior Cash ISAs which may be opened in any one year, or your application is incorrect, the Junior Cash ISA will cease to be exempt from tax and any interest earned in that year will be subject to tax.

When the child reaches 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. Subscription amounts are subject to ISA rules governing subscription limits.

Whilst the JISA remains open interest to the date of death will remain tax free but interest arising after that date will be subject to tax. No further subscriptions will be permitted into the JISA. The personal representatives may have the account funds paid to them or a beneficiary.

Changing your mind

In respect of this Junior Cash ISA, in order to protect your interests, we offer you a 14 day cooling off period from the date you open your account in which you can change your mind. If you cancel an account within the above period we will help you to either switch to another of our accounts or we will refund your money to you within 30 days of your notification of cancellation together with any interest that has been earned. Should you change your mind about this Junior Cash ISA please send written notification of your cancellation to us at Head Office, Key House, Foxhole Road, Chorley, PR7 1NZ.

What to do if you’re not satisfied

If you are not satisfied with our services we operate an internal complaints procedure. A copy of this procedure is available online at www.chorleybs.co.uk or you can ask in any of our branches for details of this procedure. If we cannot settle your complaint you may refer your concerns to the Financial Ombudsman Service.