Nationwide Smart Account (Children's Account)

bully1234

I have a Nationwide Smart Account for my daughter who is 8. She has £4000 in it and it's not earning as much interest as I thought it would. I am thinking of moving the money. I don't want her to access it until she is 18. I've had a look on some of the search engines for children's accounts and they are not at all good. I don't know whether to move the money into a bond under my name? Anyone got any advice on who I should look at and if this is a good idea to do?

rb10

The Nationwide Smart account used to be very good, but much like their e-savings account, the rate is not so competitive any more.

'Adult' accounts can often be held by children. You can, for example, open a Halifax Guaranteed Reserve account from birth. This way the interest would still be paid gross.

Look for the highest paying adult account you can find, and if there's a minimum age restriction that prevents your daughter from having it, then move onto the next one. But you can definitely do better than what the Smart account is paying.

bully1234

Thx for your reply. My other daughter has £2400 in a Nationwide Child Trust Fund - again rate are poor. Am I allowed to transfer from Nationwide to another Child Trust Provider?