Nationwide Building Society is today (Friday 1 March) extending the bonus period for a further 12 months on its Smart Junior ISA.
Until 31 January 2015, Smart Junior ISA will include a fixed introductory bonus of 1.15% tax-free for balances of £1 or more. This means the Smart Junior ISA will pay 3.25% AER* tax-free variable including the introductory bonus. The extended bonus period applies to new and existing accounts.
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Smart Junior ISA |
| Availability |
In branch, by post or online |
| Eligibility |
Available to UK resident children under 16 who have never been issued with a Child Trust Fund voucher |
| Withdrawals |
No withdrawals allowed before the child's 18th birthday and then only the child can access the money |
| Deposits |
Unlimited, up to annual Junior ISA allowance of £3,600 for the tax year 2012/2013 |
| Min. opening balance |
£1 |
| Min. operating balance |
£1 |
| Max. balance |
Subject to annual Junior ISA allowance |
| Account opening |
The account must be opened by a parent or legal guardian over the age of 16 on behalf of a child under the age of 16 years |
| Number of accounts |
The child is the account holder and can only hold one cash Smart Junior ISA at any one time |
| Interest |
Interest is calculated and credited to the account annually on 31 October |
Loyalty Saver (Issue 3) was withdrawn from sale at close of business on Thursday 28 February 2013.
Notes to editors:
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest were paid and compounded once each year. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
SMART JUNIOR ISA
| |
AER tax-free variable rate (including bonus) |
AER tax-free variable rate (excluding bonus) |
Bonus rate |
| £1+ |
3.25% |
2.10% |
1.15% introductory fixed bonus until 31 January 2015 |
About Nationwide
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. 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.