Kids saving account with 3% interest
We have accounts for our kids at Nationwide and I popped in today to deposit some money.
The friendly assistant told me about the building society’s new kids Smart Limited Access account. It was launched two weeks ago, so I was glad I went in.
The account pays 3% per year if you only withdraw once a year. If you withdraw more times, the interest reverts to 0.75%. As we have never withdrawn from the kids accounts, this is perfect for us.
We are pretty ad-hoc with their saving, so don’t want to commit to depositing a regular amount, so this account is even more interesting.
With a whopping £50,000 limit for deposits, that’s attractive if we win the lottery ;-).
Here are some key facts about the Smart Limited Access account for children:
A rate of up to 3.00% gross p.a./AER (variable)
If you make 1 withdrawal or less per Account Year. If you make 2 or more withdrawals you will receive a lower rate of interest
One withdrawal a year
You can make one withdrawal a year without loss of interest with flexibility to make more (subject to a lower rate of interest)
You can open your account with as little as £1, online or in any Nationwide branch
You can pay in money as often as you like – and save up to £50,000
Maximum balance of £50,000
You can save up to £50,000 in your Smart limited Access account
To find out more, take a look: http://www.nationwide.co.uk/products/savings/smart/features-and-benefits
Have you found a better, more flexible account, then let me know.