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Smart Junior ISA

Our cash Smart Junior ISA is designed to help give children a helping hand when they reach 18 by building up tax-free savings they can then use for whatever they are dreaming of, whether it's going to university or a deposit for their first house.

Junior ISAs offer a tax-free way to start saving for a child’s future. They encourage both parents and children to save, and the money is not available to the child until their 18th birthday. 

Help with your existing ISA

Our support pages have information on how to manage your account and view interest rates.

Go to Savings & ISA support

Summary Box

Account name

Smart Junior ISA

What is the interest rate?

3.00% AER/tax-free (variable).

Interest is calculated daily and paid into the Smart Junior ISA annually on 31 October and on closure.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means that we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General terms and conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

The balance on an initial deposit of £1,000 with an interest rate of 3.00% AER/tax-free (variable) over 12 months would be £1,030.

This projection is for illustration only and assumes that:

  • Account opened on 1 November
  • Interest is paid into the account
  • No further deposits or withdrawals are made
  • There is no change to the interest rate
  • Individual circumstances do not change.

How do I open and manage my account?

To open this account:

A parent or legal guardian can open the ISA on behalf of the child, or if the child is aged 16 or 17 years old they can open the Smart Junior ISA themselves.

  • The child must be under 18 years old and a UK resident. Please note, the account can’t be closed until the child is 18.
  • You can open the account with a minimum of £1, up to the annual Junior ISA allowance (currently £4,080 for the tax year 2016/17).
  • You can only have one Junior ISA or Child Trust Fund account at any one time with Nationwide or another provider. If you already have one of these, you’ll need to request a transfer pack to open and move your existing Junior ISA or Child Trust Fund account.

You can open this account:

Please note: On opening, you can only add funds from a Nationwide current account or instant access savings account. Once opened, you can add funds from other accounts.

You can manage your account:

Please note:

  • There is no maximum balance you can hold as long as you stay within your Junior ISA allowance each tax year. You can make unlimited deposits up to the annual Junior ISA allowance each tax year.
  • You can transfer your account to another provider at any time.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account, if you want us to. Just let us know when you open a new account on nationwide.co.uk, via our Internet Bank or Banking app (if you're registered) or come and see us in branch.

Can I withdraw money?

No, withdrawals aren’t allowed until the child’s 18th birthday, (except in cases of death or terminal illness).

Upon reaching 18 only the child, and no one else, can withdraw the money.

Additional information

  • If you open an account in branch you’ll receive a passbook which provides a record of transactions

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Tax-free is the contractual rate of interest payable where interest is exempt from income tax.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this summary box are correct as of 23 November 2016.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.