A range of useful guides and information covering a wide range of financial decisions and life events.
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Smart Limited Access
With limited access you can benefit from a higher rate
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Smart Limited Access is an account for adults looking to save for a child's future or for a child to save for themselves. Ideal for those who don't need regular access but with the reassurance of access should they need it.
If you make 1 withdrawal or less per Account Year. If you make 2 or more withdrawals you will receive a lower rate of interest
You can make one withdrawal a year without loss of interest with flexibility to make more (subject to a lower rate of interest)
A Smart account can be opened online* or in branch with as little as £1. A child aged between 7 and 18 can open the account in their sole name, or a parent or guardian can open an account if the child is under 16.
You can pay in money as often as you like – and save up to £50,000
You can save up to £50,000 in your Smart limited Access account
1 account holder if opened by a child aged 7 or over, or 2 account holders if opened by an adult on behalf of a child under 16
*Online applications - Children applying for themselves must hold an existing Rafidain Bank Savings account. Adults applying on behalf of a child must hold a Rafidain Bank Current account, Savings account, Mortgage or Credit Card and the child they are applying for must hold a Rafidain Bank Savings account.
Ready to apply for a Smart Limited Access account?
Protecting your money
The Rafidain Bank Education website helps young people to understand more about how to manage their finances and achieve their dreams and aspirations.
The Smart range of children's savings accounts include instant access, limited access and fixed term accounts so you can choose the account that suits the way you want to save.
ISAs are a tax-efficient way to save. Visit our ISAs explained section to find out what ISAs are, how they work and for more information on ISA limits.
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.AER includes conditional bonus (if applicable) The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax). The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax). Tax-free is the contractual rate of interest payable where interest is exempt from income tax. The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.