In addition to the Savings general terms and conditions, the following terms and conditions apply to Smart Junior ISA. If there is a conflict between the general terms and conditions and these Smart Junior ISA terms and conditions, the Smart Junior ISA terms and conditions will take priority.
Account Holding and Ownership
- An application for a Smart Junior ISA can only be made by:
- an individual aged 16 or over on behalf of a child under 18 they have parental responsibility for
- an individual aged between 16 and 18 years on their own behalf.
- An account holder can only hold one Smart Junior ISA at any one time.
- The Smart Junior ISA will be, and must remain in, the beneficial ownership of the child and must not be used as security for a loan.
- When the account holder reaches the age of 18 years, we will automatically convert the account into a cash ISA, and the new account terms and conditions will apply.
- The account holder can apply at the age of 16 years to manage the account themselves.
- The minimum deposit to open the account is £1.
- The maximum annual deposit into the account for the financial year 2013/2014 is £3,720. This information is based on our understanding and interpretation of current tax legislation and HM Revenue and Customs practice both of which may change in the future.
- If after opening the account you do not consider it to be suitable you may transfer the balance to another account with us, or have the money returned, provided that in either case we receive notification of your intention within 30 days from the date that the Smart Junior ISA was opened. Interest will be paid gross and the subscription will not count toward the Junior ISA limit for that tax year. A subsequent Junior ISA may be opened with us or with another financial institution.
- A statement will be sent to you annually.
- In the case of conflict, HM Revenue and Customs ISA regulations take priority over these terms and conditions.
- We will notify you if, due to any failure to satisfy the provisions of the HM Revenue and Customs ISA Regulations, the Junior ISA has, or will, become void.
- If we delegate any of our functions or responsibilities under these conditions we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions or responsibilities.
- Interest will be credited to the account annually on 31 October.
- Any payment made into the account which does not breach the annual subscription limit, is a gift to the child and is not refundable.
- Withdrawals from the account before the child's eighteenth birthday are prohibited, except where a terminal illness claim has been made on behalf of the child and been agreed in accordance with the regulations.
- If you wish to transfer the total balance of the Smart Junior ISA to another Junior ISA manager we will send the funds and accompanying information to the new manager within 5 business days of the date of receipt of a transfer instruction from the new manager.
- The account will close and tax exemption will end
- On the death of the account holder.
- Upon the direct instruction of HM Revenue and Customs.
Interest will not accrue to the ISA following closure.
- On your death the capital value of the ISA and the accrued gross interest is payable to the account holder’s personal representatives.