Junior Investment Account information
Please note: as our business is merging with ii (interactive investor) we no longer accept new Junior Investment Account applications. If you would like to open a new account please visit ii's website.
Below you can find information about our previous charges or if you still hold an account with us whilst we finalise the transfer to ii.
Bare Trust Agreement
|Beneficial ownership||Investments and cash are held in your name, but earmarked for the child.||Investments and cash are held in trust for the child, with you as the trustee.|
|Withdrawals||Withdraw money anytime and choose when to give it to the child.||No withdrawals before the child reaches 18 (16 in Scotland), at which point they are automatically given control of the account.|
|Tax considerations||You are liable for any income tax or Capital Gains Tax. The account is included in your estate for inheritance tax purposes.||The child's Capital Gains Tax allowance is used. Parents are liable for income tax on any income above £100 per parent. The trust is excluded from your estate for inheritance tax purposes.|
Standard dealing option
I usually deal less than £750 or occasionally
Frequent dealing option
I deal more than £750 frequently or have a lump sum to invest
|Fixed account admin fee||£2 per month||£2 per month|
|Dealing option fee||-||£24 per quarter|
|Dealing commission||£7.50 per deal for trades less than £750, 1% for £750 and above||£7.50 per deal|
|Dealing commission for phone/post/email||£20 per deal for trades less than £2,000, 1% for £2,000 and above||£20 per deal|
Other dealing fees
|Stamp Duty Levy||0.5% on the purchase of UK shares (excluding AIM and other recognised growth markets). Other rates may apply to non-UK shares.|
|PTM Levy||£1 on transactions over £10,000|
|Foreign Financial Transaction Tax||Tax Payable on the purchase of specific European shares (charge varies by country)|
|3-5 day transfers||Free|
|Same day transfer||£25|
|Overseas||£50 (restrictions apply)|
|Regular investing||0.5% (min. £1)|
|Statements & contract notes by post rather than email||£2.40 per month|
|Transfer to another provider||Free|
|Re-registration to certificate||£25 per certificate|
|Bounced cheque or unpaid Direct Debit||£25|
|Deceased customer account administration||£100|
|Overdue fee charge - Sell stock (per investment)||£7.50 (To recover overdue fees on your account we may need to divest the equivalent value of your investments, plus this additional charge to cover the cost of the trade)|
Costs and charges illustration
To give you a feel for the costs involved, our cost sheet includes an illustration of costs you will pay, based on how much you invest and what type of investments you choose.
Payment of account & dealing charges
Your account admin fee (and postal statements & contract notes fee if chosen) will be collected from your account on the 26th of each month, or the next business day. If you’ve chosen our frequent dealing option, the first payment will be collected from your account when opened and quarterly thereafter. Dealing commission, regular investing fees and other fees will be taken from your account as part of each transaction.
What interest will be paid on cash?
Gross interest on any cash you hold will be credited to your account quarterly at the Bank of Scotland base rate, minus 3.5% (min. 0%). We may retain the difference between the interest paid to you and the interest we are able to earn, as permitted by The Financial Conduct Authority.