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

This agreement is between us, Nationwide Building Society, and the Registered Contact.

Meaning of words and expressions

In these terms and conditions the following words and expressions have the following meanings:

  1. "Registered Contact" means the person who opens and manages the account from time to time
  2. "you/your" means the Registered Contact

Account Holding and Ownership

  1. An application for a Smart Junior ISA can only be made by:
    1. an individual aged 16 or over on behalf of a child under 18 they have parental responsibility for;
    2. an individual aged 16 and 17 years on their own behalf.
  2. A child can only hold one Junior cash ISA at any one time. From the age of 16 until age 18 the child can also hold a cash ISA and make payments into both Junior ISA and ISA accounts up to the relevant annual allowances set bv HM Revenue & Customs (HMRC).
  3. A child that has a Child Trust Fund cannot hold a Junior ISA.
  4. The Smart Junior ISA will be, and must remain in, the beneficial ownership of the child (the "account holder") and must not be used as security for a loan.
  5. When the account holder reaches the age of 18 years, we will automatically convert the account into a cash ISA. The terms and conditions and interest rate applicable to that cash ISA account at that time will apply.
  6. The account holder can apply at the age of 16 years to be the Registered Contact and manage the account themselves.
  7. The minimum deposit to open the account is £1.
  8. Deposits into the account cannot exceed the annual Junior ISA allowance set by HMRC. To find out what the current allowance is please visit us in branch or visit our website nationwide.co.uk or HMRC’s website www.hmrc.gov.uk.
  9. If, after opening the account, you do not consider it to be suitable you may transfer the balance to another account with us, or have the money returned, provided that in either case we receive notification of your intention within 30 days from the date that the Smart Junior ISA was opened. Interest will be paid tax free and the subscription will not count toward the Junior ISA allowance for that tax year. A subsequent Junior ISA may be opened with us or with another financial institution.
  10. In the case of conflict, HMRC ISA regulations take priority over these terms and conditions.
  11. We will notify you if, due to any failure to satisfy the provisions of the HMRC ISA regulations, the Smart Junior ISA has, or will, become void.
  12. If we delegate any of our functions or responsibilities under these conditions we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions or responsibilities.

Interest

  1. Interest will be credited to the account annually on 31 October and is paid tax free.

Paying Money in

  1. Any payment made into the account which does not breach the annual subscription limit, is a gift to the child and is not refundable.
  2. A payment can be made into the account at any time by transferring in a Junior ISA account held with another Junior ISA manager or by transferring in a Child Trust Fund held with us or another Child Trust Fund provider, as set out below:
    • You can transfer in to the Smart Junior ISA the whole of a Junior cash ISA and/or the whole or part of a Junior Stocks and Shares ISA held with another Junior ISA manager. If you wish to do so:
      1. on receipt of a transfer instruction from you, we will send it to the other manager together with a confirmation that we will accept the transfer within 5 business days of the date of receipt, and
      2. on receipt of the funds and accompanying information from the other manager, we will credit the funds to the account within 3 business days of the date of receipt.
    • You can transfer in to the Smart Junior ISA the whole of a cash Child Trust Fund and/or the whole of a Stocks and Shares Child Trust Fund held with another Child Trust Fund manager. If you wish to do so:
      1. on receipt of a transfer instruction from you, we will send it to the other manager together with a confirmation that we will accept the transfer within 5 business days of the date of receipt, and
      2. on receipt of the funds and accompanying information from the other manager, we will credit the funds to the account within 3 business days of the date of receipt.
  3. If you are transferring in funds from another provider, these funds will be held in a Nationwide holding account until the day after the last amount has been credited to the holding account. On this day, your Smart Junior ISA account will be opened and the account interest will be backdated to the date we received your Smart Junior ISA transfer application provided that your funds are free to move and not subject to any notice period. For transfers from a Junior stocks and shares ISA or stocks and shares Child Trust Fund, if funds are not received within 30 days we will stop paying interest until your funds are transferred to us.

Taking Money out

  1. Withdrawals from the account before the child's eighteenth birthday are prohibited, except where a terminal illness claim has been made on behalf of the child and been agreed in accordance with the HMRC ISA regulations.
  2. If you wish to transfer the total balance of the Smart Junior ISA to another Junior ISA manager we will send the funds and accompanying information to the new manager within 5 business days of the date of receipt of a transfer instruction from the new manager.

Closing the account

  1. The Smart Junior ISA will close and tax exemption will end
    1. On the death of the account holder.
    2. Upon the direct instruction of HMRC.
  2. On the death of the account holder no further deposits can be made into the account and the tax exemption will end. The capital value of the Smart Junior ISA and the accrued tax free interest is payable to the account holder’s personal representatives. A tax liability may arise in respect of any interest earned after the date of death.