Features and benefits

Rates and information

Smart account interest rates and account information

Please make sure that you have read and understand this important information before applying for this account.

Interest rates

Savings account balance AER % AER % (includes bonus) Gross % (p.a.) Net % (p.a.)
£1+ 0.75% n/a 0.75% 0.60%

Effective from 01 April 2009

Rates are variable.

Summary box

Key product information for our Smart Account
Account Name Smart Account
Interest Rates (AERs) See the 'Interest rates' table above
Tax Status

Interest is paid net of basic rate tax, depending on your status*.

Conditions for bonus payment

n/a

Withdrawal arrangements

Instant access

Access This is a branch based account accessed by passbook and (if you’re 11 or over with a cash card) cash machine, phone and Internet.

* Interest is added to your Smart account twice a year on 30 June and 31 December.

Opening your account

Minimum & maximum balances
  • £1 minimum opening balance
  • £1 minimum operating balance
  • £2,000,000 maximum balance
How to open You can apply for a Smart account online if you are over 11, or if you are an adult opening an account on behalf of a child under 18. Alternatively you can visit any Nationwide branch or request an application pack online and we'll post it to you.
Maximum number of savings account holders 1, if the account is opened by the child (aged 7 and over)
2, if the account is opened by an adult on behalf of the child
Minimum age From 0 to 16 years the account can be opened by an adult and managed on behalf of the child.

From age 7 the child can operate the account themselves. If the child is 11 or over they can choose to have a cash card and manage their savings online.

Managing your money

Paying in You can
  • use your passbook or cash card to pay in money over the counter at any of our branches
  • transfer money on the internet bank (if you have another Nationwide card or instant access savings account)
  • pay money in through our cash machines, on the Internet Bank or Telephone Banking (if you have a cash card)

OR

  • an adult can set up a regular standing order to pay money into your account
Taking money out You can
  • use your passbook to take out up to £500 a day in cash (or up to £500,000 in the form of a cheque) at any of our branches
  • use you cash card to take out up to £300 a day at any Nationwide or LINK cash machine. You can also use your card to top up a pay as you go mobile phone
  • transfer money via the Internet Bank (if you have another Nationwide card or instant access savings account)
  • transfer money via telephone banking (if you have a cash card)
Keeping track of your money Passbook account
Your passbook provides a record of transactions. A statement will be sent to you annually. Full statements are available on the Internet Bank.

Card account
A statement will be sent to you annually. If you make a transaction a statement will be sent to you in the quarter that the transaction took place. Mini-statements are available at Nationwide ATMs, through Telephone Banking and a full statement is available on the Internet Bank.
Interest Interest is added to your Smart account twice a year on 30 June and 31 December.

Terms and conditions

In addition to the Savings general terms and conditions, the following conditions apply to Smart Account. If there is a conflict between the Savings general terms and conditions and these Smart Account conditions, the Smart Account conditions will take priority.

  1. The minimum initial deposit and minimum balance on the account is £1.
  2. If the child is under 7, the account must be opened by an adult on behalf of the child and all references to 'account holder' in these terms and conditions shall mean the adult. A maximum of two adults may hold the account in joint names. When the child reaches the age of 7, the account may be transferred into the child's sole name.
  3. If the child is over 16, the account must be opened in the child's name and joint accounts are not permitted.
  4. The account may not be opened by anyone over the age of 18 years and may not be held by an account holder who is over 18 years and 6 months.
  5. Once you reach the age of 18 years and 6 months, we will automatically convert your account into a CashBuilder account, or nearest equivalent account, and the new terms and conditions will apply. Passbook accounts will be converted to a CashBuilder passbook account, while card accounts will be converted to a CashBuilder card account.
  6. The account offers a passbook or, at age 11, a card option.
  7. The maximum balance in the account is £5 million.
  8. On the death of the account holder when the account is opened by a single adult on behalf of a child, the balance of the account together with interest will be paid to the adult's personal representatives without notice or loss of interest. The adult's estate will indemnify us against any claim by the child concerning this payment to the adult's personal representatives. Alternatively, the personal representatives can appoint a new adult to hold the account on behalf of the child or, if the child is over 7, the personal representatives can choose to transfer the account into the child's sole name.
  9. On the death of a joint account holder when the account is opened jointly by two adults, the balance together with interest will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name on behalf of the child or, if the child is aged 7 or over, transfer the account into the child's sole name.
  10. In the event of the death of the child, where the account is held by an adult(s), the account will be converted to a CashBuilder account, or nearest equivalent account, in the name of the account holder(s).
  11. Nationwide's No Penalty Transfer Policy applies to this account. This means if we discontinue this account and introduce a new account that replaces it, we will write and let you know.

Interest

  1. Interest is paid to the account twice a year on the 30 June and 31 December.

Statements

  1. For card accounts, statements will be sent to you quarterly if you make a transaction

Ready to apply for a Smart account?

You may also be interested in...

Smart Junior ISA

Designed to help you give your children a helping hand when they reach 18 by building up tax-free savings they can then use for whatever they are dreaming of.

Save for your child's future with a Nationwide Smart Fixed Rate Bond, a one off lump sum account that pays a fixed rate of interest for the term of the account.

Nationwide Education

The Nationwide Education website helps young people to understand more about how to manage their finances and achieve their dreams and aspirations.

Jargon explained

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
** AER includes conditional bonus (if applicable)
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.

FSCS logo

Financial Services Compensation Scheme

Protecting your money

Find out more

Managing your account

Apply