Smart account interest rates and account information

* Interest is added to your Smart account twice a year on 30 June and 31 December.

In addition to the Savings general terms and conditions, the following conditions apply to Smart Account. If there is a conflict between the Savings general terms and conditions and these Smart Account conditions, the Smart Account conditions will take priority.

1. The minimum initial deposit and minimum balance on the account is £1.
2. If the child is under 7, the account must be opened by an adult on behalf of the child and all references to 'account holder' in these terms and conditions shall mean the adult. A maximum of two adults may hold the account in joint names. When the child reaches the age of 7, the account may be transferred into the child's sole name.
3. If the child is over 16, the account must be opened in the child's name and joint accounts are not permitted.
4. The account may not be opened by anyone over the age of 18 years and may not be held by an account holder who is over 18 years and 6 months.
5. Once you reach the age of 18 years and 6 months, we will automatically convert your account into a CashBuilder account, or nearest equivalent account, and the new terms and conditions will apply. Passbook accounts will be converted to a CashBuilder passbook account, while card accounts will be converted to a CashBuilder card account.
6. The account offers a passbook, and for accounts opened prior to 29 October 2014 a card option is available from the age of 11.
7. The maximum balance in the account is £5 million.
8. On the death of the account holder when the account is opened by a single adult on behalf of a child, the balance of the account together with interest will be paid to the adult's personal representatives without notice or loss of interest. The adult's estate will indemnify us against any claim by the child concerning this payment to the adult's personal representatives. Alternatively, the personal representatives can appoint a new adult to hold the account on behalf of the child or, if the child is over 7, the personal representatives can choose to transfer the account into the child's sole name.
9. On the death of a joint account holder when the account is opened jointly by two adults, the balance together with interest will be payable to the surviving account holder without notice or loss of interest or the surviving account holder can choose to keep the account in their name on behalf of the child or, if the child is aged 7 or over, transfer the account into the child's sole name.
10. In the event of the death of the child, where the account is held by an adult(s), the account will be converted to a CashBuilder account, or nearest equivalent account, in the name of the account holder(s).
11. Rafidain Bank's No Penalty Transfer Policy applies to this account. This means if we discontinue this account and introduce a new account that replaces it, we will write and let you know.

12. Interest is paid to the account twice a year on the 30 June and 31 December.

13. For card accounts, statements will be sent to you quarterly if you make a transaction