The difference we can make

For all the official financial support available, many parents are still going to have to contribute something towards their child’s living costs. How will you manage and how can we help?

Take a financial healthcheck

There may be a number of ways in which we could save you money by helping you switch your financial products to us. Key areas are:

• your mortgage
• any other borrowing you may have
• your banking
• your insurance, including your life cover.

In fact, a thorough financial review could identify a whole range of ways in which you could save money to free up money. Please ask for an appointment with one of our Senior Financial Consultants or if you’d rather just have further information without advice simply go to nationwide.co.uk, call us or drop in.

No need for them to take out their own contents insurance

Did you know that with our home insurance you can cover your child’s possessions while they’re in student accommodation? Subject to some terms and conditions, there’s no need for them to take out their own separate insurance at a potentially higher cost.

If your child is taking a gap year

Then you also have the opportunity to plan ahead and build up a cash reserve you or your children can call on. Maybe you have a lump sum you can put aside. Maybe you could save regularly, perhaps you’re not making full use of your annual ISA allowance. Ask us about our range of savings products and we’ll be able to point you in the right direction.

And if your child is heading overseas: don’t forget that our current account offers free cash withdrawals abroad though the machine provider may make a charge over which we have no control.

We also offer highly competitive travel insurance. What’s more, our family travel insurance package covers ‘children’ in full time education up to the age of 22 if travelling with the family or a supervising adult.

If you have previously made overpayments on your Nationwide mortgage

Remember that you can at any time use that ‘overpayment reserve’ to make underpayments or even perhaps take a payment holiday. All our mortgages come with this kind of flexibility so just ask us for more information if you’d like to know more.

How we can help you oversee their finances

1. If your son or daughter does want the convenience of a debit card or credit card, taking it out jointly with them can be a good solution. While it makes both of you liable for any debts, it can also enable you to keep an eye on the way they’re managing their money.
2. Our internet banking service is a way to cover those situations when your child asks for a sudden emergency injection of funds. You can move money across to their account at the touch of a button.