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    Can someone explain to me what the difference is between Smart account and FlexAccount? :confused:
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    I think a Smart Account if for under 16's (although I'm 18 and I still have one!). A flex account is just a normal current account, I think you get a debit card and stuff
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    Your Smart account may turn into a Cash Builder account if you leave it open long enough.
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    smart account is good until you turn 18... then it turns into a cashbuilder. But when you get to 16/17 you can get a flexaccount. Hope this helps.
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    The Smart Account doesnt change to a Cashbuilder as soon as you are 18 though, becuase I turned 18 in May and my Smart is still open. However, it will probably change over when im 18.5 or something. (Because you arent meant to have it if youre over 18)

    With a Flexaccount you can have a high interest e-savings account (only accessible on the internet). You can only transfer money to the e-savings using a flexaccount.
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    Flexaccount also allows you to have a debit card and or a cheque book when you can't with the smartaccount

    Bekki
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    so what age do u need to be to get one?
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    The Smart account is for 18s and under - you get a high rate of interest, usually tax free as you are in full-time education. If you leave it long enough you'll get transferred to a Cashbuilder account which has a far lesser rate of interest and, like the smart account, works just as a cashcard or passbook.

    The Flex account is a current account rather than a savings account - I think you have to be 16 or over, but you may need to be 18 (check www.nationwide.co.uk). What you get depends on your income and other factors - personally I got a Visa Debit card and cheque book - I earn about £300/month on average.

    One of the main benefits of the Flex account is the e-Savings account. This is like an off-shoot of the Flex which you set up online (or in a Nationwide branch). It offers a rate of interest similar to the Smart account - you can transfer money from your Flex to your e-savings so that you get a higher return. (Basically this is like having a current sccount and savings account in one).

    You may qualify for an overdraft on the Flex account - this again depends on your income. If you do get a Visa Debit card, be careful - if you get overdrawn without having an authorised overdraft you'll get a £30 charge stamped on yo ass. lol. (Basically this means you have spent more than you have - easy to do as you can use Visa Debit in shops, restaurants etc - so you're not always sure of your balance).

    Hope that helped.
 
 
 
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