This Key Product Information gives you information that is specific to the particular savings account you have with us. It forms part of the terms and conditions of your account and needs to be read together with the other documents that make up your agreement. If anything is inconsistent between those documents and this Key Product Information, this Key Product Information will apply.

Smart Limited Access

This account is for adults looking to save for a child's future, or for a child or young person to save for themselves. The account is designed for those who will rarely need to make withdrawals.

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. As a 'bare trustee', the adult will have duties and obligations to the child (for example, the adult will need to act in the best interests of the child).

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

Conditions for holding your account

  1. This account can either be held by:
    • A child aged between seven and 18 years and six months old; or
    • An adult (someone aged 18 or over) on behalf of a child aged between 0 and 18 years and six months old. In this case, all references in the terms and conditions to the ‘account holder’ need to be read to apply to the adult.
  2. You cannot have more than £50,000 in this account. The £50,000 limit does not include any interest calculated on the account balance and added to the account.
  3. An account opened by an adult on behalf of a child can be held in a sole name or in joint names with a maximum of two joint account holders. All account holders must meet these conditions for holding the account.
  4. An account held by a child cannot be held in joint names.
  5. If the account is opened by an adult on behalf of a child, the money in the account is held for the benefit of the child. The adult may transfer the account into the child’s sole name at any time after that child reaches the age of seven.
  6. An adult can only hold one Smart Limited Access account per child. A child can only hold one Smart Limited Access account.

Term

  1. There is no fixed term for this account.
  2. Once you, or where the account is held on behalf of a child, that child, reaches the age of 18 years and six months, your money will be transferred into an instant access savings account and the terms and conditions and interest rate applicable to that account at that time will apply. We will personally notify you before making this transfer. Where the account is held on behalf of a child prior to the transfer, this will continue following the transfer to the new account until the adult transfers the new account into the child's sole name.

Managing your account

  1. You can access your account in any of the following ways:
    • Via the Internet Bank or Banking app (if you are registered to use the Internet Bank).
    • In branch.

Earning interest on money in your account

  1. Interest is paid to the account annually at the end of the day before each anniversary of the account opening and on the date your account is closed.
  2. The interest rate payable on the account is variable. The interest rate is also variable based on the number of withdrawals you make during each Account Year.
  3. If you make no more than one withdrawal during an Account Year you will receive the higher interest rate for the whole of the Account Year.
  4. If you make two or more withdrawals in an Account Year you will receive the lower interest rate for the period from the date of the second withdrawal for the remainder of the Account Year.

Restrictions on paying money into your account

  1. You can pay money into your account using any of the methods set out in the Savings General Terms and Conditions but you must not pay in money that will mean your account then exceeds the maximum balance.

Restrictions on withdrawing money from your account

  1. If you make more than one withdrawal in an Account Year, the lower rate of interest will be applied to your account from the date of the second withdrawal.
  2. Faster Payments are not available for making withdrawals from your account.

Special provisions that apply to your account in the event of the death of an account holder or the child

  1. If the account is held by an adult on behalf of a child, and the adult dies (or both joint adult account holders die) the account balance together with interest will be paid to the adult’s personal representatives without notice or loss of interest. Alternatively, the personal representatives can appoint a new adult to hold the account on behalf of the child or, if the child is aged over seven, the personal representatives can choose to transfer the account into the child's sole name.
  2. If the account is held jointly by two adults on behalf of a child, and one of those adults dies, the account balance together with interest will be paid to the surviving adult account holder without notice or loss of interest. The surviving adult account holder can choose to keep the account in their sole name on behalf of the child or, if the child is aged over seven, the adult can choose to transfer the account into the child's sole name.
  3. If the balance on an account is paid to personal representatives or the sole surviving adult account holder, they will hold the money on behalf of the child. If any claim is brought against us for taking this action, the deceased’s estate must cover any such claim.
  4. In the event of the death of the child, where the account is held by adult account holder(s), the money in the account will be transferred to an instant access savings account in the name of the account holder(s). The adult account holder(s) should liaise with the personal representatives of the child’s estate to ensure the balance of the account is appropriately administered.