Nationwide expands its Smart children's savings range
Nationwide Building Society is strengthening its children's savings portfolio with the launch of three new branch-based accounts. These new accounts, which will form part of Nationwide's Smart range, are aimed at parents, grandparents and other people who want to build up a savings nest egg for their children. There is one new account to reward existing savers, one aimed at new investors and one for those who want the long-term value of a fixed rate bond.
90 Day Loyalty Smart Saver
The 90 Day Loyalty Smart Saver is a variable rate, 90 day notice account that pays a return of 3.05% gross p.a./AER. 90 Day Loyalty Smart Saver includes an introductory bonus of 0.95% that is fixed until 31 January 2013. The account can be opened on behalf of a child under the age of 18.
Available through any Nationwide branch, this account is available to those aged 18 or over who have held a Savings account; Current account or Mortgage account with Nationwide for at least three months prior to opening this account (excludes any accounts held with Cheshire, Derbyshire and Dunfermline Building Societies, The Mortgage Works and UCB).
90 Day Smart Saver
For those that don't have an existing relationship with Nationwide, the Society is launching
90 Day Saver, which is a variable rate, 90 day notice account that pays a return of 2.10% gross p.a./AER that does not include a fixed introductory bonus.
Available through any Nationwide branch, the account is available to anyone over the age of 18 and can be opened on behalf of a child under the age of 18.
Smart Bond
In addition to the two notice accounts, Nationwide will also be launching the Smart Bond - a new 14-month Fixed Rate Bond aimed at those who do not require access to their funds and are seeking a fixed rate of return. The Smart Bond will pay an interest rate of between 3.10% and 3.40% gross p.a./AER depending on the balance of the account. Available from any Nationwide branch, the Smart Bond can be opened by anyone over the age of seven. It can also be opened by an adult on behalf of a child under the age of 18.
Richard Marriott, Nationwide's head of savings, said: "According to recent research conducted for Nationwide, 80 per cent of parents thought it was very important to save for their children. So, at a time when there is great concern about levels of savings, it is therefore reassuring that parents fully understand the importance of building up a nest egg for their children.
"As one of the leading savings providers in the country, it is important we harness the enthusiasm to save, which is why we've launched these new savings accounts. Our Smart range offers parents, grandparents and children a competitive savings range that gives them the choice and flexibility to choose the right product for their needs."
For more information, visit nationwide.co.uk.