The account can only be closed where:
the child reaches 18
HMRC tell us to close the account
all funds in the account have been transferred to another Junior ISA
the child passes away
The Registered Contact fails anti-money laundering or identity checks in the first 30 days from account opening. When this happens we’ll return the funds to where they came from.
If the Registered Contact or account owner want to close the account they must call us on 0345 678 5678* to let us know or write to us at: Tesco Bank, Broadway One, 199 Renfield Street, Glasgow, G2 9FH Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
Yes. The account can be cancelled by the Registered Contact at any time up to 30 days from the day you receive your Welcome Letter. If the Registered Contact wants to cancel during this time, they must call us on 0345 678 5678* to let us know or write to us at: Tesco Bank, Broadway One, 199 Renfield Street, Glasgow, G2 9FH Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator. When this happens we’ll return the money to the source. If the Registered Contact cancels the account, we will treat this as if the account had never been opened and any money paid in up until the Registered Contact tells us they want to cancel will not count towards the child’s annual Junior Cash ISA allowance. This means that a new Junior Cash ISA could be opened for the child in the same tax year and subscriptions could be made up to the full annual allowance.
Although money cannot be withdrawn from a Junior Cash ISA until the child turns 18, it is possible to transfer the money held in a Junior Cash ISA to a different provider. A child cannot hold more than one Junior Cash ISA and one Junior Stocks and Shares ISA at any one time.
The following can be transferred:
all but not part of the funds saved in an existing Junior Cash ISA can be transferred to a new Junior Cash ISA.
all or part of the funds in a Junior Cash ISA saved in a previous tax year can be transferred to a Junior Stocks and Shares ISA
if all of the money held in a Junior Cash ISA is transferred into a Junior Stocks and Shares ISA a new Junior Cash ISA can be opened.
Anyone over the age of 16 can open an adult Cash ISA, so it is possible for a Child between the ages of 16 and 18 to have both a Junior Cash ISA and adult ISA at the same time. However, it is not possible under HMRC Rules to transfer money between a Junior Cash ISA and adult Cash ISA.
Please note that it is not possible for a child to hold a Tesco Bank Junior Cash ISA and Tesco Bank adult Cash ISA at the same time.
We’ll write to the child shortly before their 18th birthday to let them know the options available to them once they turn 18. Once the child turns 18, there are two options: They can transfer the account into an adult ISA or an ordinary savings account and continue to save with us. For more information on our savings accounts, please visit our website. Or they can close the account. All of the funds must be withdrawn or transferred in one single amount - multiple withdrawals cannot be made. If the child has not become the Registered Contact on the account before they reach 18, they will have to provide us with certain details to allow us to confirm their identity together with details of another bank account they hold before they can access the money in the account. If the child doesn’t let us know what they would like to do with the funds, the account will remain tax-free. For more information please see our existing FAQ's: With a Junior Cash ISA, what happens when the child reaches 16? With a Junior Cash ISA what is a Registered Contact? The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstance.
No, there can only be one registered contact and they must have parental responsibility. If there has been a change in circumstances please call us on 0345 678 5678* or write to us at: Tesco Bank, PO Box 27017, Broadway One, Glasgow, G2 9FH Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
We’ll refund the payment which caused the over-subscription and contact you to let you know we’ve done this. If you send us a cheque that caused you to exceed the annual subscription allowance, we will return the cheque. Please note that we will only know if you have reached your allowance on your Junior Cash ISA with Tesco Bank, not on any other ISA accounts you may have with other providers.
Remember a child can only have one Junior Cash ISA at any one time. Learn more about ISA's by visiting the HMRC website. It will be your responsibility to keep track of how much of your ISA allowance you have used in the tax year.
You should contact the other Junior ISA provider and advise them you wish to transfer a Tesco Bank Junior Cash ISA to them.
If you are moving the money to another Junior Cash ISA, all the subscriptions must be transferred.The Registered Contact will need to ask the new provider to arrange this. They will contact us to arrange the transfer and we’ll ensure that the money is transferred to the new provider within 5 business days of receiving their request.
If your funds have been sent via Faster Payment, then you will start earning interest as soon as we receive your funds. Cheques If we receive and process your cheque on a business day, your money will be available to spend and will start earning interest before midnight on the next business day. For example, if we receive your cheque on a Friday, your money will be available and start earning interest before midnight on Monday. You can check your payment has been successful by logging into our Mobile Banking App or by logging into Online Banking. ISA Transfers For Cash ISAs the transfer should be completed within 15 business days of us receiving your form. We will start paying interest from the day your existing ISA provider sends us your money or 16 business days after we receive your form (if this is earlier).Transfers from ISAs other than Cash ISAs may take up to 30 days.
Subscriptions can continue to be made to the account and interest earned will remain tax free. Money will still not be able to be withdrawn from the account until the child reaches the age of 18. The current rules for ISAs are subject to change by HM Revenue & Customs and the value of tax benefits depends on individual circumstances.
Anyone with parental responsibility for a child. You can do this via Online Banking.
If you are aged 16 or 17 you can open a Junior Cash ISA yourself by calling us on 0345 678 5678*. You can't open a Tesco Bank Junior Cash ISA for yourself online at this time. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.