26 February 2014
Nationwide Building Society is today launching Smart Limited Access a children's savings account paying a market-leading rate. It is also removing the bonus on Smart Junior ISA while maintaining the overall rate.
Smart Limited Access
The branch and online operated account pays a market-leading 3.00% AER/gross and is available to all children between the ages of seven and 18. The account can be opened with as little as £1 and children can save up to a maximum of £50,000.
One penalty free instant access withdrawal can be made per annum. If further withdrawals are made the rate drops to 0.75% for the remainder of the year.
Smart Junior ISA
Nationwide is removing the introductory bonus on Smart Junior ISA while maintaining the rate at a market-leading 3.25% AER/tax-free. The account is open to children aged up to 18.
The account allows unlimited deposits up to the annual Junior Cash ISA limit, currently £3,720. As with all Junior ISAs, access is not available until the child turns 18.
Smart 90 Day Notice and Smart Bond were withdrawn from sale at close of business on 25 February 2014. Smart Instant Access remains on sale for customers wanting instant access.
Louise Lovelock, Head of Savings Customer Proposition at Nationwide Building Society, said: "Helping children develop the habit to save for their future is in important life skill. These market-leading accounts offer great rates for those wanting to save over the long with the reassurance of access if needed.
"These accounts allow parents, grandparents and children to save for their future whether it be to save for university, their first car or a deposit or their first home.
"Children are often gifted money from family and friends who don't know what to buy them for birthday's and Christmas and this can be used to help build up a savings nest egg. Even a small amount put aside on a regular basis can soon build up to a reasonable amount."
Notes to editors:
Full details of Nationwide's savings accounts
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
Nationwide has around 15 million members.
Customers can manage their finances in a branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.