Nationwide Smart Account

PoGee

Did anyone open these for their kids in the 1990s? I opened these accounts for my kids, putting their child benefit into them. They are adults now. They removed most of the money to eg buy cars at age 18/19 but still have a few pounds remaining. They are passbook accounts. One went to take cash out but was refused as 'it's held by your parent's name on your (child's) behalf'. How do I transfer into adult child's own name? Does it mean opening a new account?

wmb194

PoGee said:

Did anyone open these for their kids in the 1990s? I opened these accounts for my kids, putting their child benefit into them. They are adults now. They removed most of the money to eg buy cars at age 18/19 but still have a few pounds remaining. They are passbook accounts. One went to take cash out but was refused as 'it's held by your parent's name on your (child's) behalf'. How do I transfer into adult child's own name? Does it mean opening a new account?

You need to do something to transfer into the child's name which would involve contacting Nationwide. I presume another option would be to withdraw the money and close it yourself. If you cannot easily get hold of the passbook, the terms say it can be managed online so perhaps you can have it added to your internet banking?

https://www.nationwide.co.uk/savings/help/terms/smart/

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/savings/terms-and-conditions/p2783-smart.pdf?rev=b4ba5e9ee1794d28b36e2d2ffe0aadf4

PoGee

Thanks wmb194. I saw that also but didn't understand how they mean to '...until adult transfers the new account into the child's own name'.
I went there last year and said - kids now adults, so how do I get it in their name? They said - child just signs the back. I went with them to do this last week but they said - no can't do that. Open brand new account. They didn't have ID so it was a wasted trip.

[Deleted User]

Didn't they just convert the account to an adult account around about their 18/19th birthday? I recall they changed mine to now closed to new applicants - Cashbuilder - but mine had an ATM card on the Smart/Cashbuilder. 

PoGee

Thanks Oberoth - yes that's what I think would happen but never did for some reason. I'll give them a call this afternoon.

wmb194

Deleted_User said:

Didn't they just convert the account to an adult account around about their 18/19th birthday? I recall they changed mine to now closed to new applicants - Cashbuilder - but mine had an ATM card on the Smart/Cashbuilder. 

This isn't what the terms say for this account, see my post above. 

My own Children's account became a Cashbuilder as well but it was always in my sole name so no adult intervention was required. 

wmb194

PoGee said:

Thanks Oberoth - yes that's what I think would happen but never did for some reason. I'll give them a call this afternoon.

The terms are clear that the adult has to initiate something.

Muffet1

There are changes happening to Smart (Parent Book) accounts according to a letter I’ve received today.  These changes take effect from 18 September 2024.  It’s worth checking to make sure that the right people have access.