| What is the interest rate? |
The interest rate is 3.60%
+Gross Rate% / ^AER% |
| Interest is variable, calculated daily and added to your account balance on 5th April. |
| Can Penrith Building Society change the interest rate? |
Yes – the rate of interest paid on your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.
For further details refer to our Terms & Conditions for Savings Accounts. |
| What would the estimated balance be after 12 months based on a £1,000 deposit? |
Based on the rate of interest, if you deposited £1,000 in this account, after 12 months the balance would be £1,036.00.
This figure is provided for illustration purposes only. It is based on no transactions or changes to interest rates after the initial deposit. It does not include the bonus |
| How do I open and manage my account? |
Opening your account
- This account is available to UK residents age 0 to 16, where the child is under 16 a person with parental responsibility must apply for the account. Where the child is 16 or over either the child or a person with parental responsibility can open the account
- This account can be opened in branch or by post, application packs can be downloaded from our website Savings – Penrith Building Society
- You will need to provide identification and national insurance number when you open your account, details can be found on our website ID-REQUIREMENTS-V1.30.pdf
- This account is limited to one account per child
Savings limits & additional deposits
- Minimum investment £1
- Maximum annual subscription limit for the tax year 2025/26 is £9,000
- The total limit on your combined savings with us should not exceed £250,000
- You will receive a passbook to help keep track of your savings
- Payments into the account can be made by faster payment, standing order, or by cash or cheque in branch. You may also send a cheque through the post. Please ensure that cheques are made payable to yourself and quote the account number on the payee line
- Payment of the funds into your account can only be made in £ sterling.
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| Can I withdraw money? |
No, withdrawals cannot be made until the child reaches 18, when the account will roll over into an adult Cash ISA, except in the following exceptional circumstances:
– where a terminal illness claim made on behalf of the child has been agreed
– on the death of the child |
| Additional Information |
Your JISA savings are tax exempt and do not count towards your Personal Savings Allowance. The tax treatment of ISA’s may be subject to change in the future. |
+ Gross Rate is the rate of interest payable (without deduction of tax) and you will be responsible for paying tax you owe on interest as per your individual circumstances.
^ AER stands for annual equivalent rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
We always try to provide a first-class service. Occasionally however things can go wrong. If they do we will try to put them right. If you wish to make a complaint, our complaints procedures are detailed in the Terms & Conditions for Savings Accounts.
If you would like to talk to us about your account you can
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- speak to a member of staff at our branch office at 7 King Street, Penrith, Cumbria. CA11 7AR
- Call one of our team on 01768 863675
- Email our savings team at savings@penrithbs.co.uk
- Visit our website www.penrithbs.co.uk
DOWNLOAD SUMMARY BOX AS A PDF
DOWNLOAD THE TERMS AND CONDITIONS FOR SAVINGS ACCOUNTS