Coventry Junior Cash ISA rate increases

refluxer

I just noticed that the Coventry BS are increasing the interest rate on their Junior Cash ISA (2) from 2.85% to 3.1% tomorrow (7th Oct).

Hopefully this will encourage more competition between providers, as jISAs used to have higher rates than adult ISAs but they haven't seen the rate increases this year that adult Cash ISAs have. 

While the money currently in a jISA is obviously inaccessible, going forward - I had been considering saving for my kids in my own name (in a 1 year fixed rate non-ISA account at around 4% for example), but this new rate from the Coventry very much narrows the gap between a Junior Cash ISA  and a 1 year fix @ 4% (if the adult is a basic-rate tax payer and used up their PSA) 

The downside for me is that a Coventry jISA can only be managed by post or phone which means that something as simple as checking a payment has gone through will be a pain (I don't live anywhere near a branch). I'm not bothered about regular standing orders as they'd only need confirming once, but it would be nice to be able to easily confirm that ad-hoc payments by relatives, for example, have been received.

Does anyone know if the balance really can't be viewed via an adult's Coventry online banking account ? If Tesco Bank can do something simple like this, I can't see why others can't in this day and age.

Alzire

We have this set up and no, disappointingly, you cannot see any information for the jISA though our account logon.  We have to phone to check ad-hoc payments which isn't the best.

refluxer

Alzire said:

We have this set up and no, disappointingly, you cannot see any information for the jISA though our account logon.  We have to phone to check ad-hoc payments which isn't the best.

Thanks for the reply and for confirming what I suspected.

None of the top 5 Junior Cash ISA providers provide any form of online access to the balance unfortunately, so it seems to be the price you have to pay to get the best rate at the moment.

I moved mine to Tesco a few years ago when their rate was 2.75%, at a time when adult accounts were heading to zero. They eventually put the rate down to 2.25% (December 2020) and haven't increased it since, despite the ongoing BoE rate rises.

I'll definitely be monitoring this closely in the near future and have to think seriously about savings for the kids in my own name instead.

refluxer

I just spotted that the Coventry are increasing their Junior Cash ISA (2) from 3.1% to 3.6% on the 1st December.

ForumUser7

refluxer said:

I just spotted that the Coventry are increasing their Junior Cash ISA (2) from 3.1% to 3.6% on the 1st December.

Hoping Darlington BS will act soon, so far the base rate has increased by 1.25% since their last increase to 3.5% and it has not changed... despite their other accounts increasing rates last month. It would be a shame to have to transfer away as I have always found their CS to be helpful, but on a large sum any increase is worth a transfer imo. I'll probably give DBS until 10th December after which I may request a transfer.

refluxer

ForumUser7 said:

refluxer said:

I just spotted that the Coventry are increasing their Junior Cash ISA (2) from 3.1% to 3.6% on the 1st December.

Hoping Darlington BS will act soon, so far the base rate has increased by 1.25% since their last increase to 3.5% and it has not changed... despite their other accounts increasing rates last month. It would be a shame to have to transfer away as I have always found their CS to be helpful, but on a large sum any increase is worth a transfer imo. I'll probably give DBS until 10th December after which I may request a transfer.

@ForumUser7 3.50% is currently the second highest-paying Junior Cash ISA you can get, so it's not too surprising they haven't had the need to increase it. That's a good rate - shame it's only for locals.

ForumUser7

refluxer said:

ForumUser7 said:

refluxer said:

I just spotted that the Coventry are increasing their Junior Cash ISA (2) from 3.1% to 3.6% on the 1st December.

Hoping Darlington BS will act soon, so far the base rate has increased by 1.25% since their last increase to 3.5% and it has not changed... despite their other accounts increasing rates last month. It would be a shame to have to transfer away as I have always found their CS to be helpful, but on a large sum any increase is worth a transfer imo. I'll probably give DBS until 10th December after which I may request a transfer.

@ForumUser7 3.50% is currently the second highest-paying Junior Cash ISA you can get, so it's not too surprising they haven't had the need to increase it. That's a good rate - shame it's only for locals.

It was quite a good rate yeah. I think Earl Shilton have now gone to 3.9% but no transfers in, and Cumberland have gone to 3.7% (I think) but only for locals. 4% at least would be nice from DBS

refluxer

ForumUser7 said:
It was quite a good rate yeah. I think Earl Shilton have now gone to 3.9% but no transfers in, and Cumberland have gone to 3.7% (I think) but only for locals. 4% at least would be nice from DBS

Ah, OK - I was going off the ThisIsMoney Junior ISA table which might not be up to date

ForumUser7

refluxer said:

ForumUser7 said:
It was quite a good rate yeah. I think Earl Shilton have now gone to 3.9% but no transfers in, and Cumberland have gone to 3.7% (I think) but only for locals. 4% at least would be nice from DBS

Ah, OK - I was going off the ThisIsMoney Junior ISA table which might not be up to date

Ah right, I tend to use the MoneyFacts comparison tables - I sometimes read this is money articles though

ForumUser7

Bath Building Society Rate Changes (Effective 1st December):

Find out how your savings account's interest rate will change: https://www.bathbuildingsociety.co.uk/personal-savings/accounts/view-all-interest-rates/

Customers may get emails later in the day confirming the new rates, but thought I'd post them seeing as they are on the website already.

Their JISA is now the most competitive by miles - hopefully they accept transfers in soon!

refluxer

ForumUser7 said:

Bath Building Society Rate Changes (Effective 1st December):

Find out how your savings account's interest rate will change: https://www.bathbuildingsociety.co.uk/personal-savings/accounts/view-all-interest-rates/

Customers may get emails later in the day confirming the new rates, but thought I'd post them seeing as they are on the website already.

Their JISA is now the most competitive by miles - hopefully they accept transfers in soon!

Ignoring the lack of transfers in, do you live in Bath ?

Suitable for savers who:

• live, work or study in Bath, or the parent, grandparent or guardian has been a Bath Building Society customer for at least the last 12 months