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Danske Junior Cash ISA

Instant access savings for children aged 10 and under.

  • Interest rate 3.80% tax-free.

Features

  • Save up to £9,000 tax-free this tax year.
  • Open the account with a minimum of £25.
  • No money can be withdrawn until the child turns 18 and the account amends to a Danske Cash ISA.
  • Transfer in an existing Junior ISA or Child Trust Fund held with another provider.
  • The account is opened in the child’s name and managed by a parent or legal guardian. If the child is 16 or 17 they can open and manage the account themselves.

Summary box

1

What is the interest rate?


Balance Gross/AER
All credit balances 3.80%

Interest is calculated daily and paid into your account at the end of December each year.

2

Can Danske Bank change the interest rate?


  • Yes, this rate is variable. We can increase or decrease the credit interest rate for any of the reasons set out in the General Terms and Conditions - Personal Banking. For more information, refer to Clause 16.2.
  • Where the balance in your Danske Junior Cash ISA is £100 or more, we’ll give you 14 calendar days’ notice of any reduction in the credit interest rate paid on the ISA account. If the balance is under £100, you’ll be informed on your next statement.
  • We may increase the credit interest rate immediately and advise you on your next statement.

3

What would the estimated balance be after 12 months based on a £1,000 deposit?


Initial deposit at account opening Estimated interest earned after 12 months Estimated balance after 12 months
£1,000.00 £38.00 £1,038.00

This estimate is for illustration only and assumes that:

  • no further deposits or withdrawals are made;
  • there is no change to the interest rate; and
  • interest is added to the account at the end of the 12 month period.

When you reach 18 we’ll automatically amend the Junior Cash ISA to a Danske Cash ISA account which currently pays the following rate:

Balance Gross/AER
All credit balances 2.65%

4

How do I open and manage my account?


  • You are eligible for the account if you are:
    • a child under 18 years of age who is resident in the United Kingdom and you were not eligible for a Child Trust Fund; or
    • a child who has a Child Trust Fund, and the Child Trust Fund is being transferred in full into the Junior Cash ISA and the Child Trust Fund is being closed.
  • If you are aged 16 or 17 you can open the account in your name or if you are a person with parental responsibility for an eligible child, you can open the account in the child’s name. Whoever opens the account will be the registered contact on the account for receipt of statements and correspondence.
  • When you reach 16 you can take over management of the account without the consent of the registered contact. Once this is done the registered contact status cannot be passed to another person.
  • If you are aged 16 or 17 or you have parental responsibility for an eligible child, you can open the account in branch. If you have parental responsibility for an eligible child and you are aged 18 or over you can open the account by phone.
  • You can transfer in funds from a Junior ISA with another ISA manager, or a Child Trust Fund with another provider, to a Danske Junior Cash ISA as long as it does not result in the child having two Junior cash ISAs or a Junior ISA and a Child Trust Fund at the end of the transfer process. The registered contact applying for the transfer must also be the registered contact on the account being transferred. You can contact any of our branches and we can arrange the transfer for you.
  • You can transfer your Junior Cash ISA to another provider at any time, you will need to contact your new ISA provider to arrange this.
  • If you are the registered contact you can manage the account in branch, by phone, by writing to us or by using eBanking or Mobile Banking (if you have registered for these services).
  • An initial subscription of £25 is required to open a Junior Cash ISA with us.
  • Each tax year you can subscribe up to the annual JISA allowance to a Junior ISA. This is £9,000 in the 2024-2025 tax year.
  • Each tax year the full limit may be subscribed to one type of Junior ISA or split in any way across each type of Junior ISA (cash or stocks & shares).
  • Any subscriptions made to the account are a gift to the account holder and cannot be repaid.
  • We'll send you a paper statement at least every 6 months unless you've asked to receive them electronically with eBanking. You can ask to change to electronic statements at any time using our Go Paperless form.

5

Can I withdraw money?


  • No. The money is locked in for you until you are 18 – no withdrawals are permitted before then except in the event of terminal illness (when authority may be granted by HMRC) or death.
  • When you reach age 18, a Danske Junior Cash ISA will be amended to an adult Danske Cash ISA. You may then withdraw the funds or your savings can remain in the Danske Cash ISA and continue to earn tax-free interest.

6

Additional information


  • Tax-free means that interest is paid free from income tax. This position may change in the future.
  • AER stands for ’Annual Equivalent Rate’ and illustrates what the interest rate would be if interest was paid and compounded (paid on the total balance including previous interest) once each year.
  • Rate correct as at 06/04/2024.

The information provided in this summary box includes the key features of the account only and is not intended to be a substitute for reading the terms and conditions that apply to the account.

PDF icon Download summary box as PDF

Digital Banking services information

  • Our Mobile Banking app is available for iOS and Android devices.
  • Our eBanking and Mobile Banking app may be temporarily unavailable when we are carrying out routine maintenance.

Important information

Terms and Conditions (PDF)

Fees and Service charges explained (PDF)

Savings Interest Rates

How to apply

You can apply for a Junior Cash ISA by phone or in branch:


Phone

Call us on:

0800 660 033

Branch

You can open an account in any of our Danske Bank branches.

Find your nearest branch below:

Branch finder

General information about junior ISAs

  • Like the adult Individual Savings Account (ISA), a Junior Individual Savings Account (JISA) is a tax efficient way of saving as income earned is exempt from UK income tax and capital gains tax. There are two types of JISA - a junior cash ISA and a junior stocks & shares ISA. Danske Bank offers a junior cash ISA.

  • A payment into a junior ISA (JISA) is called a subscription. There is an overall annual JISA subscription limit which is reviewed and set by HM Revenue and Customs (HMRC) for each tax year, based on the Consumer Price Index. A tax year runs from 6 April to 5 April the following year. The full subscription limit can be added to one type of JISA or split across the 2 types of JISA with the same or different JISA providers.

    The annual subscription limit for JISAs has been set at £9,000 for tax year 2024/2025.

    There is no obligation to use your child's full allowance, or to pay a minimum amount in each year to keep the account active.

  • Any child is eligible to have a JISA if, when the account application is made:

    • they are under the age of 18;
    • they were born on or after 3 January 2011, or do not have a Child Trust Fund (CTF) account;
    • they are resident in the UK, or are a UK Crown servant, married to or in civil partnership with a Crown servant, or a dependant of a Crown servant;
    • they do not already have a JISA of the same type with another financial institution;
    • they have not already subscribed their current tax year's full subscription allowance to another JISA.

    If a JISA is being opened to transfer in an existing JISA or CTF the child must:

    • be under the age of 18;
    • not have more than one JISA of the same type at the end of the transfer process.

  • There are many areas in which the Child Trust Fund (CTF) and junior ISA (JISA) are very similar. In both cases funds paid in are 'locked' in the account and can't be accessed by anyone except the child whose name the account is in. Even then, the child can only access the money after turning 18. The CTF's annual subscription limit is the same as JISA subscription limits, £9,000 for tax year 2024/2025.

    There are a number of other differences however, the main ones are:

    • There is no Government contribution to a JISA.
    • The CTF subscription limit runs from the child's birthday to their next birthday, whereas JISA subscription limits apply to tax years (6 April to 5 April).

  • No. An eligible child can hold only one of each type of JISA (cash and stocks and shares) in their childhood. These accounts can be held with either the same or different JISA providers.

    It is possible to transfer a JISA between providers and it is also possible to transfer from one type of JISA to another (provided that at the end of the transfer process, the child still does not have more than one of each type of JISA). You can request a transfer by contacting the new JISA provider who will arrange the transfer.

The Danske Junior Cash ISA is managed by Northern Bank Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Northern Bank Limited is entered in the Financial Services Register, reference number 122261.

More about the Danske Junior Cash ISA

  • Someone with parental responsibility for an eligible child can open a Danske JISA for that child. This means a parent or legal guardian for the child. Or, if the child is aged 16 or 17, the child can open the account. The account will always be in the name of the child however, the person who opens the account will be the registered contact on the account for receipt of any statements and communication from us.

    Once the child reaches age 16 or 17 they can request to be the registered contact on their own account and they do not need the permission of the registered contact to do this however, the money is still not available to withdraw until the child is age 18. If the child does not apply to become the registered contact for their own account, the existing registered contact will continue to fill the role until the child turns 18.

    An initial subscription of £25 is required to open a Danske JISA. After that anyone can add as little or as much as they want up to annual subscription limits set by HMRC. These subscriptions are gifted to the child and cannot be repaid or reversed once they are paid into the JISA account.

    If you’re not already a Danske Bank customer, you can only open a Danske JISA if you’re resident in Northern Ireland.

  • Yes. The registered contact on the JISA has the right to cancel the JISA within 14 days of the day after the date the account is opened or the date the terms and conditions are received, whichever is later.

    You can cancel the agreement by contacting your branch or by writing to the ISA Manager at:
    Danske Bank
    Donegall Square West
    Belfast
    BT1 6JS

  • Once a Danske JISA is opened, anyone can subscribe to the account. All subscriptions are treated as gifts to the child and cannot be reversed. Once paid into the account, funds can’t be accessed until the child turns 18, and then only by the child.

  • No. The money is locked in for the child until they are 18 – no money can be taken out before then, except in the event of terminal illness (when authority may be granted by HMRC) or death of the child.

    When the child reaches age 18, a Danske JISA will convert to an adult Danske Cash ISA. The child can then withdraw the funds or their savings can remain in the adult Danske Cash ISA and continue to earn tax-free interest.

  • The child needs to be a UK resident for the tax year during which the Danske JISA is first opened. If the child’s residency status changes in a later tax year, the account can remain open, receive subscriptions and interest will still be paid tax-free.

    A JISA may also be transferred to or from another ISA provider. Investors who are unsure of their residence status should refer to the UK Government's Statutory Residence Test.

  • When the child turns 18 the Danske JISA will change to our adult Danske Cash ISA. We will write to the child at this time with details of the Danske Cash ISA and their options to continue to save or withdraw the funds.

  • Yes. A person aged 16 or 17 can hold both a Danske JISA and an adult cash ISA and can benefit from the full annual subscription allowance for both accounts.

    This means that during the current tax year of 6 April 2024 to 5 April 2025, they can subscribe up to £9,000 to a Danske JISA (taking into account any subscriptions which have already been made to a junior stocks and shares ISA elsewhere) and up to £20,000 to an adult cash ISA.

  • Yes. Anyone aged 16 or over, with parental responsibility for the child can apply to be the registered contact on the account. This means a parent or legal guardian for the child. We will need to get authority from the existing registered contact to make effect this change.

    Or, from age 16, the child may apply to be the registered contact and they do not need the permission of the registered contact to do this however, the money is still not available to withdraw until the child is age 18. If the child does not apply to become the registered contact for their own account, the existing registered contact will continue to fill the role until the child turns 18.

    Applications to change the registered contact on an existing Danske JISA should be made in branch.

Transferring your junior ISA

  • Yes. You can transfer money which has already been saved in a junior cash ISA (JISA), a junior stocks and shares ISA or a Child Trust Fund (CTF) with another provider to a Danske Junior Cash ISA as long as it does not result in the child having two junior cash JISAs or a JISA and a CTF at the end of the transfer process. You can apply to transfer an existing JISA or CTF to a Danske Junior Cash ISA in any Danske Bank branch.

    You can phone us on 0800 660 033 to arrange the appointment.

    If you ask us to transfer a JISA or CTF into a Danske Junior Cash ISA with us, we will pay interest on the full amount to be transferred as soon as we receive the application. This is provided that the funds are free to move and not tied up in a fixed-term or notice account.

    Your transfer application with Danske Bank must be made by the registered contact on the JISA or CTF account you are applying to transfer in or your existing provider will reject the application.

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