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Junior Cash ISA Issue 3

    A Junior Cash ISA could be right for you if:

    • You're 16 or over and want to have full control of your account, and you don't need access to your savings until you're 18.
    • You're an adult opening an account for a child.
    • You're happy with a variable rate that can go up or down, rather than a fixed rate that's guaranteed for a set amount of time.

    Summary Box

    Account name Junior Cash ISA Issue 3
    What is the interest rate?
    Annual Interest 2.00% gross pa/AER
    Interest is earned daily and added to your account at midnight on the day before the child's birthday each year.
    Monthly Interest: There is no monthly interest option available.
    Can Skipton Building Society change the interest rate?
    • Yes, the interest rate is variable, so it can go up or down.
    • You'll find full details of this and the reasons why we might change the interest rate in section B23 'interest' of our Investment Account Terms and Conditions.
    • If the interest rate ever goes down, we'll always write to you in advance to let you know as long as you have at least £100 in your account.
    What would the estimated balance be after 12 months based on a £1,000 deposit?
    • The estimated balance after 12 months would be £1,020, based on the following assumptions:
      • £1,000 is paid in by debit card when the account is opened
      • No further deposits are made
      • The interest rate stays the same for the full 12 months.
    How do I open and manage my account?
    • This account is available to UK residents aged under 18, and can be opened and managed in any of our branches or by post.
    • You can only apply to open this account on behalf of a child if you're 16 or over and have parental responsibility. You'd be the 'Registered Contact' for the account and would be authorised to operate the account until the child's 16th birthday. At that point the child would become responsible for managing their account and the Registered Contact would be removed.
    • The first payment into the account can be in cash (branch only), by cheque, debit card or transfer from another Skipton Building Society account. You can also transfer a Junior ISA in from another provider via our ISA transfer service. After that, you can also pay in by electronic payment or standing order.
    • You can from £1 up to your total annual Junior ISA allowance each tax year (£4,080 for 2016/2017)
    • No joint account allowed.
    Can I withdraw money?
    • No, you can't withdraw money until you're 18.
    • When you're 18, we'll add any interest due to the account and then automatically transfer the money into an easy access Cash ISA for adults. This process is known as 'maturity'.
    • We'll write to the account holder at least 14 days before maturity with full details of the new account and with any other options available at the time. You'll find more information about this in section 10 of the further terms and conditions.
    • You can cancel the account in the first 14 days, if you need to.
    Additional Information
    • AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest was paid and added each year. All ISA interest is paid tax-free, which means it's exempt from income tax. Tax rules may change in future. The AER allows you to compare the interest rates on savings accounts. The higher the AER, the better the return on your savings.
    • It's worth noting that any of our accounts can be withdrawn from sale at any time and without notice.

    If you are not satisfied with our services we have an internal complaints procedure. For more information please call us on 0345 850 1722, ask in branch or visit our Complaints page.

    The Financial Ombudsman Service provides a free and independent service for consumers, and can be contacted at The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Telephone: 0800 023 4567.

    www.financial-ombudsman.org.uk

    For products and services bought online you can also refer to the Online Dispute Resolution platform (ODR) at http://ec.europa.eu/consumers/odr/. As we're a UK building society, the ODR will still refer you to the Financial Ombudsman Service as the alternative dispute resolution body. The Financial Ombudsman Service will refer you back to our complaints process unless you've already been through this.

    Need help?

    If you have a question or need help deciding then you can phone, email or call into a branch - we're always happy to help.

    Call us on 0345 850 1722
    Our lines are open Monday to Thursday 8am-8pm, Friday 8am-5.30pm and Saturday 9am-12pm.

    Apply

    Things to know before you apply

    • This account can only be opened and managed in branch or by post.
    • You will need your National Insurance number when applying for this account.

    If you are a new customer - where possible we use an electronic verification system to verify your identity and address, however we can't do this for postal applications, for children under 18 in England, or if you are not on the electoral roll for your current address. For full ID requirements please see our Proving your identity [PDF] document.

    We like to make sure you are fully aware of the charges which we will make for a number of services and facilities relating to our investment accounts. You can see these in our Tariff of Charges [PDF].

    It is important that you read the key features and terms and conditions carefully. These contain the details of your agreement with us for these accounts and we will rely on them for our relationship with you.

    Visit your local branch for further information and to open this account.

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    This account can be opened by post, download the paper application form below and return with your cheque to the address shown.

    Return your form to:

    Customer Delivery
    Principal Office
    The Bailey
    Skipton
    North Yorkshire
    BD23 1DN

    Application forms

    For further information on ISA transfers, please visit our Transferring your ISA page.

    Financial Services Compensation Scheme

    Your eligible deposits with Skipton Building Society are protected up to a total of £75,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

    Learn more about the FSCS

    FSCS - Protecting Your Money
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