Oaknorth rolls out 3.5% junior ISA with two free hours of babysitting

Oaknorth, a challenger bank, has debuted a junior ISA that yields 3.5% interest on contributions up to £9,000 annually, targeting parents who want a tax-free savings vehicle for their children. As a promotional perk, account holders receive two hours of complimentary childcare via the Bubble app. The account can be opened with as little as £1, and anyone - including grandparents - may add funds after setup.

This junior ISA joins Oaknorth’s suite of adult ISAs, which currently feature a one-year fixed rate of 4.91% and a two-year rate of 5.02%. While the rate is lower than some competitors such as Leek Building Society (3.85%) and Skipton Building Society (3.8%), the low entry barrier and added babysitting benefit aim to differentiate the offering. Oaknorth also allows transfers from other providers, enabling customers to move higher-rate junior ISAs into the new product.