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Why choose our Smart Account?

This simple-to-use account lets children manage their own savings. Adults can also use it to save for a child's future.

  • Interest rate: 0.75% AER/gross p.a. (variable) 
  • Manage your money: online and in branch
  • Instant access: make withdrawals at any time

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 Account

What is the interest rate?

0.75% AER/gross p.a. (variable).

Interest is calculated daily and paid into your Smart account twice a year on 30 June and 31 December 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?

The balance on an initial deposit of £1,000 with an interest rate of 0.75% AER/gross p.a. (variable) after 12 months would be £1,007.50.

This estimated balance is for illustration only and assumes 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.

How do I open and manage my account?

To open this account:

  • a 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
  • you can open this account with a minimum of £1 up to a maximum of £5,000,000.

You can open this account:

  • Using the 'Start application' button below this Summary Box
    • children applying for themselves 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 will 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, this is an instant access savings account so you can get access to your money whenever you need it.

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, using our Internet Bank or Banking app (if you’re registered for Internet Banking)
  • Withdraw up to £500 a day in cash via a LINK cash machine (if you have a card)
  • Make transfers by CHAPS or overseas electronic transfers in sterling (please note, this service is only available in branch and there is a fee payable)

Additional information

Your passbook provides a record of transactions (a passbook will only be issued for accounts opened in branch).

When the child reaches the age of 18 and 6 months this account will be closed and moved into a Cashbuilder account.

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