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Junior Cash ISA

This long-term, tax-free savings account is a great way for under 18s to start saving.

Who this account is for

  • Children aged 17 or under who are resident in the UK.
  • They must be happy to have their savings put away until they turn 18.
  • Children that have a Child Trust Fund can't also have a Junior Cash ISA but they can transfer the account over in branch.

The benefits

  • Earn 2.50% tax free/AER variable interest.
  • Children can save up to £4,368 in junior ISAs this tax year. Read more about ISA limits.
  • All money paid into the account belongs to the child and can't be returned.

How it works

  • If you're aged 16 or 17, you can open this account yourself online or in branch.
  • You can open this account for a child under 16 if you are 16 or over, a UK resident and have parental responsibility for the child.
  • When the child turns 18, the account will change to an Instant Cash ISA. See our Instant Cash ISA interest rates (PDF).

Summary box for the Junior Cash ISA

1. What is the interest rate?

Earn 2.50% tax free/AER variable interest on balances of £1 or more.

Interest is paid each year after you open the account on 31st March.


2. Can Lloyds Bank change the interest rate?

Yes. As this account pays a variable rate of interest it can change over time. We’ll always let you know of any planned changes to the rate. Our terms and conditions (PDF) explain when and how we do this. For example we might review the interest rate if the Bank of England base rate changes.


3. What might the future balance be?

For example, if you deposit £1000.00 when you open the account, after 12 months you will have a balance of £1025.00 after interest is paid.

This assumes:

  • the interest rate stays the same for 12 months
  • interest is paid once a year
  • you make your deposit on the day you open the account and you don't add more money after that
  • you don’t withdraw any money or interest.

4. How do I open and manage my account?

This account can be opened:

  • online
  • in branch.

Bear in mind:

  • the account can only be managed in branch
  • the account is for children aged 17 or under who are resident in the UK
  • they must be happy to have their savings put away until they turn 18
  • children that have a Child Trust Fund can't also have a Junior Cash ISA but they can transfer the account over in branch
  • only one Junior Cash ISA can be held per child
  • children can save up to £4,368 in junior ISAs this year. Read more about ISA limits
  • when the child turns 18, the account will change to an Instant Cash ISA. See our Instant Cash ISA interest rates (PDF).

Opening this account for a child under 16

  • you can open this account for a child under 16 if you are aged 16 or over, a UK resident and have parental responsibility for the child
  • if you live at the same address as the child, you can open the account online. If not, please apply in branch
  • the account can be opened with £1 or more.

Opening this account if you are aged 16 or 17

  • you can open this account yourself online or in branch if you are aged 16 or 17
  • you must be a UK resident
  • the account can be opened with £1 or more.

5. Can I withdraw money?

No. You can't withdraw money from the account until the child turns 18. It can only be closed in special circumstances which you can see in the terms and conditions (PDF).

All money paid into the account belongs to the child and can't be returned.

If you change your mind, you can cancel the account free of charge within 14 days of opening.


6. Additional information

Savings terms explained

Tax free means you will not pay income tax on your interest.

AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account which shows an interest rate, you will see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

For more definitions, view our glossary.

Open a Junior Cash ISA

    • If you're aged 16 or 17 and a UK resident, you can open this account yourself online or in branch.
    • You can open this account for a child under 16 if you are 16 or over, a UK resident and have parental responsibility for the child. If you live at the same address, you can open the account online. If not, please apply in branch.

Please read the summary box and the terms and conditions (PDF) before you start.

Not the right ISA for you?

Take a look at our range of ISAs to see which ticks your boxes.

More about ISAs

Make the most of your tax-free savings with our ISA guides.

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