In addition to the general terms and conditions, the following conditions apply to Smart Limited Access. If there is a conflict between the general conditions and these Smart Limited Access conditions, the Smart Limited Access conditions will take priority.

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

  • 'Account Year' means 12 months from the date that the account was opened and each subsequent period of 12 months thereafter
  • 'Higher Interest Rate' means the interest rate payable on an account where there has been 1 or fewer withdrawals during an Account Year
  • 'Lower Interest Rate' means the interest rate payable on an account where there have been 2 or more withdrawals during an Account Year

Account Holding and Ownership

  1. An application for a Smart Limited Access can only be made by:
    1. an individual aged 18 or over on behalf of a child under 16. An account held in this way can have a maximum of two joint account holders. An individual can only hold one Smart Limited Access account per child;
      or
    2. an individual aged between 7 and 18 years on their own behalf. An account held in this way must be held as a sole account. Only one account per customer is permitted
  2. The minimum balance on the account is £1
  3. The maximum balance on the account is £50,000
  4. When the child reaches the age of 18 years and 6 months, we will automatically convert the account into an instant access savings account, and the new account terms and conditions will apply
  5. 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
  6. 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
  7. In the event of the death of the child, where the account is held by an adult(s), the account will be converted to an instant access savings account in the name of the account holder(s)

Interest

  1. Interest is calculated daily and paid annually into the account on the anniversary of the account opening and on closure
  2. The interest rate payable on the account is variable and based on the balance in the account and the number of withdrawals made during an Account Year
  3. We will calculate interest on each whole pound in the account
  4. If you make 1 of fewer withdrawals in an Account Year you will receive the Higher Interest Rate for the whole of the Account Year
  5. If you make 2 or more withdrawals in an Account Year you will receive the Higher Interest Rate for the period of the Account Year up to the date before the 2nd withdrawal and the Lower Interest Rate from the date on which the 2nd withdrawal was made for the remainder of the Account Year

Operating the account

  1. 1 withdrawal is permitted each Account Year without notice or loss of interest. Subsequent withdrawals are permitted without notice however, the Lower Interest Rate will apply from the date of the 2nd withdrawal until the end of the Account Year