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.

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.

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.