Smart Junior ISA - Managing your children's saving account

If you have any questions about managing your Smart Junior ISA, check the frequently asked questions below to see if we can help (just click the question and the answer will appear underneath):

Who can open a Smart Junior ISA?

UK resident children under 16 who have never been issued a Child Trust Fund voucher may be eligible for a Smart Junior ISA. This includes children who were born before 1 September 2002 (when Child Trust Fund was launched) or on/after 3 January 2011.

Children born between 1 September 2002 and 3 January 2011 may be eligible if they were born abroad (so do not qualify for a Child Trust Fund) but are now resident in the UK.

For more information on HMRC eligibility criteria please visit the HMRC website.

The parent or legal guardian of an eligible child will be able to open a Smart Junior ISA on their behalf.

Can I open more than one Smart Junior ISA?

A child can only have one Smart Junior ISA, but the parent or legal guardian of several children can open one for each child.

How much can be saved in a Smart Junior ISA each year?

The overall annual subscription limit for a Smart Junior ISA is £3,720 for the 2013/14 tax year.

How do I make a payment to a Smart Junior ISA?

Any person or organisation can pay into any child's Smart Junior ISA at a branch or by making an electronic payment using the sort code and account number. It is important to remember that once funds have been deposited into a Smart Junior ISA they become the child's and cannot be taken back or refunded.

Can I view the account on the Internet Bank?

Yes, both the account holder and the registered contact can view the account on the Internet Bank.

This account will appear in the 'savings' section and not under the 'tax-free savings' section on the Internet Bank, however it is a tax-free account.

If you opened your account prior to 19 January 2012 please note that transactions that took place before this date will not be visible in the online bank, these transactions will however still appear in your passbook which can be updated at any Nationwide branch.

How do I keep track of the investment?

You will be given a passbook when you open the account which can be updated at any Nationwide branch.

What happens when the child is 18?

On the child's 18th birthday, Smart Junior ISA will be transferred to a cash ISA and the child can make withdrawals whenever they wish.

Can I make withdrawals on this account?

No one can withdraw any money until your child is 18, with the exception of terminal illness or death. Upon reaching 18 only the child (and no one else) can withdraw the money.

How do I change my name or address?

There are forms available online to change your name or address. These can be found within "Other Services" on the Internet Bank. Alternatively you can pop into your local Nationwide branch.

What ID is required to open a Junior ISA?

You don’t need any identification to open a Junior ISA account. However, we are legally required to verify the name and address of your child at the age of 18, before he or she accesses their savings if we have not carried out these checks previously.

Also, should you wish to change the registered contact for the account for any reason, you will be required to verify the name and address of the new contact. Unless an exception listed within HM Revenue and Customs regulations exists the consent of the existing registered contact is required for any change of registered contact.

If either your child or the registered contact chooses to open another Nationwide product in the future we will be legally required to check their name and address in the usual way. Details of appropriate identification can be found at any Nationwide branch.

Should your child become terminally ill, and access to the funds is approved by HM Revenue & Customs, the identification of the registered contact will need to be verified before providing access to the money.