Smart - Savings interest rates and account details

Summary Box

Key Product Information for our savings accounts

Account name

Smart

Interest rates (AERs) - Variable

Balance	*AER %**	AER** %	Gross p.a. %	Net p.a. %
£1+	0.75	n/a	0.75	0.60

Effective from: 01 April 2009

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.

Opening your account

Minimum & maximum balances	£1 minimum £2,000,000 maximum
How to open	You can open a Smart account at your local branch or online if you are 11 or over. Find out more.
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 adults 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 account

Paying in	you can use your passbook or cash card to pay in money over the counter at any of our branches you can pay money in through our cash machines, on the Internet Bank or Telephone Banking (if you have a cash card) an adult can set up a regular standing order to pay money into your account
Taking money out	with a passbook you can 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 if you've got a cash card, you can 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 or Telephone Banking (if you have a cash card)
Keeping track of my money	Passbook account Your passbook provides the 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 that quarter. 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.

Find out how to apply

managing your account

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).

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

FSCS - Protecting your money. Find out more

FSCS - Protecting your money

Your eligible deposits with Nationwide Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with the following: Nationwide Building Society, Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society and Nationwide UK (Ireland). Any total deposits you hold above the £85,000 limit between these brands are not covered.

Please click here for further information or visit www.fscs.org.uk

Useful Information

Smart terms & conditions