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Why choose Smart Limited Access?

Helping young people to build up their savings. Limit withdrawals to one a year and get a better rate of interest.

  • Interest rate: 2.50% AER/gross p.a. (variable) if you make only one withdrawal in 12 months
  • Manage your money: online and in branch

IMPORTANT: Our Savings General Terms and Conditions and the terms and conditions that apply specifically to this product are changing. The changes will apply from 1 May 2018. Please follow the relevant terms and conditions links at the bottom of this page to see a summary of the changes.

Account details

Explore the key features and benefits of this account in our Summary Box before moving on to start your application.

Summary Box

Account name

Smart Limited Access

What is the interest rate?

The interest rate on this account is dependent on the number of withdrawals made during the account year.

Withdrawals per account year Interest rate AER/gross p.a. (variable)
1 or less 2.50%
2 or more 0.50%

Interest is calculated daily and paid into the account annually on the anniversary of account opening and on closure.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General Terms and Conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Withdrawals made in account year Interest rate AER/gross p.a. (variable) Balance after 12 months
0 2.50% £1,025.00

The table above shows the balance on an initial deposit of £1,000 where no withdrawals have been made after 12 months with interest added to the account.

Withdrawals made in account year Interest rate AER/gross p.a. (variable)* Balance after 12 months
2 0.50% £988.23

The table above shows the balance on an initial deposit of £1,000 over 12 months with interest added to the account, where a withdrawal of £10 was made on the 1st day of each calendar month for 2 months.

*Note: this rate is only applied once the 2nd withdrawal is made in the account year.

The estimated balances are for illustration only and assume that:

  • interest is paid into the account
  • no further deposits or withdrawals are made
  • there is no change to the interest rate
  • individual circumstances do not change
  • the illustrated balances after 12 months are shown after addition of interest and deduction of withdrawals made during the account year.

How do I open and manage my account?

To open this account:

  • the child must be aged between 7 and 17 years old to apply for the account themselves
  • an adult can open and manage an account on behalf of a child aged between 0 and 15 years old
  • adults can only hold one account per child. A child can only hold one account in their own name
  • you can open this account with a minimum of £1 up to a maximum of £50,000.

You can open this account:

  • using the 'Start application' button below this Summary Box:
    • children applying for this account must hold an existing Nationwide savings account or FlexOne current account
    • adults applying on behalf of a child must hold a Nationwide current account, savings account, mortgage or credit card, and the child they are applying for must hold a Nationwide savings account or FlexOne current account.
  • in branch.

You can manage your account:

Please note: you'll need a minimum of £1 in the account for it to operate.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account, if you want us to. Simply go to, use our Banking app or visit one of our branches.

Can I withdraw money?

Yes, you can make 1 withdrawal per Account Year without loss of interest. Further withdrawals are allowed but will result in a lower rate of interest for the remainder of the Account Year.

You can:

  • Withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches
  • Transfer money to another Nationwide current account or instant access savings account held in your name, using our Internet Bank or Banking app (if you’re registered for Internet banking).

Additional information

Account year means the 12 month period from the date that the account was opened and each subsequent period of 12 months thereafter.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Gross p.a. is the interest rate without tax deducted.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website

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

The rates and information in this summary box are correct as at 1 December 2017.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.

Other important information

Piggy bank hiding under a mat

Help with your savings

Our support pages have information on how to manage your account and view interest rates.

Savings and cash ISA support