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

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

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.

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

Opening your account

Opening your account
Minimum & maximum balances
  • £1 minimum opening balance
  • £1 minimum operating balance
  • £5,000,000 maximum balance
How to open You can apply for a Smart account by visiting 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.

Managing your money

Managing your money
Paying in You can
  • use your passbook 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)
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
  • transfer money via the Internet Bank (if you have another Nationwide card or instant access savings account)
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.
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, and for accounts opened prior to 29 October 2014 a card option is available from the age of 11.
  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?

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Financial Services Compensation Scheme

Protecting your money

Find out more - Financial Services Compensation Scheme

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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.

Managing your account

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