NatWest adapt account

preable

So my daughter turns 18 on the 12th of December and she has had her adapt account since 14..

Will they automatically upgrade her account or does she need to go in and ask herself to upgrade? Just asking as when she turns 18 she will be getting close to 20k from a car accident a few years ago so just want to sort everything in one go.

Also what would be the best option for her to save but gain the best interest rate?

eskbanker

preable wrote: »

Will they automatically upgrade her account or does she need to go in and ask herself to upgrade?

The Ts & Cs suggest this is automatic.

https://personal.natwest.com/content/dam/natwest/personal/current-accounts/documents/your-current-account-terms.pdf:

We’ll change your Adapt account to a Select account after you turn 18.

preable wrote: »

Also what would be the best option for her to save but gain the best interest rate?

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

colsten

It's always good, nay necessary, to read the Terms and Conditions - you should make your daughter aware if she isn't already. Right at the top of the Adapt T&Cs, it says "We’ll change your Adapt account to a Select account after you turn 18. We’ll always give you at least 60 days’ notice before we do this."

The change from Adapt to Select comes with some potentially unwelcome 'features' - such as loss of interest payments, and the ability to go overdrawn. Your daughter should make an effort to understand all the changes and re-evaluate whether Natwest remains the best option for her. Nationwide might be a good alternative, and if she plays her cards right, she could bag a nice switch bonus (as soon as she has the Select account).

Regarding savings: everything depends on her objectives. I would recommend she starts by reading https://www.moneysavingexpert.com/savings/which-saving-account/