Skipton Junior ISA pays 3%

Skipton Building Society continues to do its bit to encourage families to save, by being among the first institutions to back the Government's new Junior ISA scheme.

Paying a rewarding 3.00% tax free pa/AER, the Society's new Junior ISA is available from any of the Society's 100-plus branches across the UK from Tuesday 1 November. It reaffirms the Society's commitment, as a mutual, to helping people to develop the savings habit through a wide variety of straightforward, good value products for a range of circumstances. This strong track record means parents can invest money for their children's futures with confidence.

Key product details:

Available to any children that do not have a Child Trust Fund;
Account is only available to children aged 17 and under;
Children over 16 years old can open an account in their own right;
Interest rate: 3.00% pa/AER, variable, tax-free;
Minimum opening balance £1;
Deposits up to £3,600 per annum allowed;
No withdrawals permitted until the child turns 18;
Deposits can be made, by cash or cheque, at any Skipton branch, up to the annual limit;
Interest payable annually.

Kris Brewster, Skipton's Head of Products, said: "Skipton's ISA range has always been a popular choice with savers and we're delighted to support the Government's introduction of Junior ISAs, which offer an added incentive for parents and other family members to save towards their children's futures up to an annual tax free amount of £3,600.

"As a mutual, Skipton is committed to doing everything possible to encourage people to manage their finances responsibly and put some cash aside towards their future aspirations or unforeseen expenses. This is why we were determined to be among the first to support this initiative by launching what we believe will be among the best Junior ISA's available, with a no catches rate of 3.00%."

Anyone wishing to find out more about Skipton's new Junior ISA account can visit the Society's savings pages on skipton.co.uk.