Nationwide children's accounts
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Callerl
Posts: 1 Newbie
I've opened the smart limited access accounts for children with Nationwide for my two children. My name is on the account but the children are named as the beneficiaries on each account. If I put more money into the Nationwide does the money in the children accounts contribute to my £85k protected deposit limit with this bank. Also, from a tax perspective do the monies in these accounts contribute to my children's personal interest tax free allowance limit of £1000 or to mine?
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as a parent there is a £100 on interest limit to be consideredI’m a Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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https://www.gov.uk/savings-for-children
£100 per parent.
https://www.nationwide.co.uk/products/savings/smart-limited-access/features-and-benefits
If the account is opened by an adult, the adult will be acting on behalf of the child (as a bare trustee). Although the account is in the name of the adult, the money in the account is held for and belongs to the child.
The fact sheet on FSCS protection from YBS says
What if I am a Trustee on an account?
If the claimant has a claim as a bare trustee for one or more beneficiaries, each beneficiary or beneficiaries will be
treated as having their own claim.0
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