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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

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 at the end of the day before each anniversary of account opening and on the date the account is closed.

Can Nationwide change the interest rate?

Yes, the interest rate is variable.

Please see the “Variation of your interest rate and other account terms and conditions” and “How will we tell you about interest rate changes?” sections of the Savings General Terms and Conditions which set out when we can vary the interest rate and how and when we will notify you if this happens.

What would the estimated balances 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 after 12 months with interest added to the account, where a withdrawal of £10 was made on the 1st day of each calendar month for the first two months.

*This interest rate is only applied once the second withdrawal is made in the same Account Year.

The estimated balances are for illustration only and assume that:

  • no further deposits or withdrawals are made
  • there is no change to the interest rate
  • 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:

  • you can open one of these accounts yourself if you are aged between 7 and 17 years old
  • an adult can open and manage an account on behalf of a child aged 15 years or younger
  • the adult and child will need to be a UK resident.

You can only hold one of these accounts in your name, or as an adult holding in one child’s name.
You can open this account with a minimum of £1 up to a maximum of £50,000.

You can open this account:

  • In branch if you are a child applying for yourself;
  • Online* via the 'Start application' button below this Summary Box or in branch if you are an adult applying for an account and both you and the child are existing members; or
  • In branch if you are an adult applying for an account, and either you or the account beneficiary or both of you are new to Nationwide.
  • *To apply online, you must already hold a Nationwide current account, savings account, mortgage or credit card. Your child must hold a Nationwide savings account or FlexOne current account.

    You can manage your account:

    It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. Simply go to, use our Internet Bank, 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.

Subject to your account balance, 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 savings account (as long as it is possible to make payments into the account), using the Internet Bank or our Banking app (if you’re registered for internet banking).

Additional information

Interest is calculated on each whole pound in the account.

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

If the account is opened by an adult, the adult will be acting on behalf of the child (as a ‘bare trustee’). Although the account is in the name of the adult, the money in the account is held for and belongs to the child.

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 HM Revenue & Customs' (HMRC) website

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

The interest rates and information in this summary box are effective from 25 May 2018.

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 and Conditions in full and print or save a copy for reference.

Other important information

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Help with your savings

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

Savings and cash ISA support