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 As we have never withdrawn from the kids accounts, this is perfect for us.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)

Open your account with just £1

You can open your account with as little as £1, online or in any Nationwide branch

Unlimited deposits

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.