Question about Nationwide smart limited access saver account

Moneysavingmummy32

Hi all. I have recently opened a Nationwide smart limited access account for my son. The account pays 2.25% on up to £50k. At the moment I am using the account as it is intended, a savings account for my son's future, saving £100 a month, however I do have some other savings earning nowhere near 2.25% and I'm the trying to work out what to do with them.

The account allows 1 withdrawal per year and I do not need access to these funds for at least a few years. Can I use my son's account to save money I do not intend to give to him when he is grown up? The interest rate is so high because it is a child's account but I can't see anything in the account Ts and Cs that would stop me using it for my own savings although it feels highly unethical.

Thanks in advance for your thoughts 😊

teddysmum

The lender would allow you to put in whatever you please, but the point of view of the taxman is quite different.


There are rules about even genuinely giving money to children , never mind using them to earn your interest. However, I don't have the time/inclination to look them up

grumbler

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