If the child is under 16, the account must be managed by someone who has parental responsibility for the child. The person who manages the account is known as the “Registered Contact”. This is the person we will write to about the account and who will be able to manage the account using Online and Telephone Banking.
The Registered Contact must keep us informed of any changes of the address if either they or the child move.
At 16, the child can choose to manage the account instead and become the Registered Contact. There can only be one Registered Contact at any one time. This means that if the child opts to become the Registered Contact, we will not be able to discuss the account with the previous Registered Contact.
The account is a variable interest rate account and we may change the interest rates at any time. When the interest rate increases, our new rate will be shown in Online Banking and we may also write to the Registered Contact to let them know.
If we are going to decrease the interest rate on the account we’ll always write to the Registered Contact in advance to let them know. The reasons which may lead us to decrease interest rates include where there is a change (or where we reasonably expect a change):
In the costs we incur in providing services to our customers
In the Bank of England Base Rate
In the market conditions which affect interest rates
In law, regulatory or industry code requirements.
These are just examples and we may make changes for other reasons.
The Registered Office can also find out how much interest the funds in the Account are earning at any time by logging in to Online Banking or by calling us on 0345 678 5678*. *This number may be included as part of any inclusive call minutes provided by your phone operator.
Yes, but you must transfer the whole balance to the new provider as the child can only have one Junior Cash ISA at any one time.
This means that if a new Junior Cash ISA is opened with another provider, all the money in the existing Junior Cash ISA must be transferred to the new account before any subscriptions can be made.
The Account balance can be viewed at any time by logging into Online Banking. Account statements can also be downloaded by logging into Online Banking.
We will send a statement to the Registered Contact free of charge each month when you've had any activity on your account excluding interest.
We'll also provide you with an annual statement on the anniversary of the account opening. If you have opted to go paperless on your Account, we'll contact you by email or text to let you know that your statement is ready to view electronically.
We include a Junior Cash ISA transfer form with your Welcome Pack. Once this has been returned to us, we’ll contact the existing Junior Cash ISA provider within 5 Business Days. The existing provider will have a further 5 Business Days to arrange for the funds to be transferred to the Account. The transfer should be completed within 15 Business Days of us receiving the form. We’ll start paying interest the day the existing ISA provider sends the money to us or 16 Business Days after we receive the form (whichever is earlier).
Once your application is submitted, we will send you your Welcome Pack. This contains information on how to use the account and helpline numbers if you need to contact us. If we need more information to confirm your identity we will write to you and explain what we need. We will process your application as soon as we have received this from you. We'll also ask you to register for Online Banking by requesting a Temporary Security Number from our Online Helpdesk on 0345 300 3511*. This will enable you to register securely and we'll send you this by post or SMS. When you receive it, visit our Login page and select Register. Calls may be recorded. *This number may be included as part of any inclusive call minutes provided by your phone operator.
We regularly review our savings accounts to check they are still active. Where you have not transacted on your accounts for at least 3 years, we may write to you to check you are still using the account.
To find out more about our dormancy process visit here: https://www.tescobank.com/dormant-account