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Cash Junior ISA

How to Apply

2.25 %Tax-free/AER

  • A variable rate of interest
  • Invest from £1
  • No withdrawals before the child turns 18 years of age
  • Apply in branch or by post

Summary Box

Account name

Cash Junior ISA

What is the interest rate?

2.25% Tax-free/AER

The interest is paid annually and will be credited to your account after close of business on 1 January.

Can Progressive change the interest rate?

Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Savings Service Agreement.

If we are decreasing the interest rate we will notify you at least 14 days before the change takes effect.

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

£1,022.50

This is an example based on an initial deposit of £1,000 made on account opening and assumes no further deposits are made throughout the year and that the interest rate does not vary during the 12 month period.

How do I open and manage my account?

The account is available to existing Members and new customers resident in Northern Ireland only, who:

  • are under 18; and
  • do not have a Child Trust Fund (CTF).

There is a minimum lodgement of £1 required to open this account.

You can save up to a maximum of the annual Junior ISA allowance (£4,368 for the current tax year).

The account can be opened and operated at any of the Society’s branches, agencies or by post.

Can I withdraw money?

No, withdrawals are not allowed before the child turns 18 years of age, unless there are extreme circumstances such as death or a terminal illness.

Additional information

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.

This is a tax free account which means the interest paid is exempt from income tax.

The interest rate is correct as of 10 September 2018.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings Service Agreement. You can obtain a copy of these documents in the ‘Useful Information’ section below.

How to apply

Before you apply, please make sure you read the Summary Box, account terms and conditions, Savings Service Agreement and FSCS Information in full. You can save or print a copy of the PDFs for future reference. These documents contain details of your agreement with us for this account and we will rely on them for our relationship with you.

When you apply for an account with us, we’ll need to verify your identity and address. For details, check our proving your identity page.

In branch

If you open your account in one of our branches we will use an electronic verification system to verify your identity and address. We cannot do this for applicants under 18 or if you are not registered on the electoral roll. In these instances you will be required to provide full identification documentation and these can be found in our leaflet Proving your identity.

Visit your local branch to open this account.

Find your nearest branch
By Post

To open this account by post:

  • review the Summary Box on the previous tab;
  • read the account terms and conditions and the Savings Service Agreement;
  • review the FSCS leaflet for further information or visit fscs.org.uk;
  • download and complete the application form;
  • return the completed form with your cheque to the branch you want your account opened in.

We recommend that you download a copy of the documents and retain for your records.