Smart account - savings interest rates and account summary

You can find a summary of our savings interest rates and Smart account details in the table below. If you have any further questions, please take a look at our managing your account section for more help.

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.

Savings Account Opening
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. More details are found here.
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 run for 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.

Running the 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 Self Service (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 Self Service (if you have a cash card)
Keeping track of my money	Passbook account Your passbook provides the record of transactions and a summary statement is issued annually in April. Full statements are available on the Internet Bank. Card account Full paper statements are sent quarterly if you make a transaction (can be monthly, half-yearly or annually on request if you write to us), mini-statements are available at Nationwide ATMs, through Telephone Self Service 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.

* AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
Net - The net rate of interest is the interest rate payable after any income tax is deducted (if you do pay tax).

** Including conditional bonus.

If you have any further questions about savings interest rates or our Smart account, please visit our managing your account section, or contact us today. For savings interest rates on other accounts, visit our main savings rates page.

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