At the end of the payment term, the child named on the bond (or their parent or legal guardian if they're not yet 18) will have three choices:
Extend the term and keep making payments into the Junior Bond. As the initial payment term has ended, they'll still be able to take money out at any time without paying a penalty or tax on any growth.
Leave the money where it is but stop paying money in. The money in the bond will stay invested in a tax-exempt fund. It can be taken out at any time without penalty and without tax being due on any growth.
Take some or all of the money out.
You can find out more about cashing in a Junior Bond in the “Withdrawals and closing the Junior Bond" section of the Important Information Booklet.