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FlexOne Regular Saver

FlexOne Regular Saver is our savings account designed for young people and teenagers to open and manage for themselves. You just need a FlexOne current account to get started.

With a great rate of 3.50% gross p.a./AER (variable), FlexOne Regular Saver is designed to encourage you to save regularly, and you can put away up to £100 each month.

Apply for your account between the ages of 11 and 17, and keep the benefits until you're 23.

Whatever you're saving up for, we'll help you to get there.

Summary Box

Account name

FlexOne Regular Saver

What is the interest rate?

3.50% gross p.a./AER (variable).

Interest is calculated daily and paid annually on 31 December and on closure.

Note: Interest can only be added to your FlexOne regular Saver. It can’t be paid into another account.

Can Nationwide change the interest rate?

Yes, the interest rate is variable. This means we have the ability to change the interest rate. Please see the ‘Interest’ section in the Savings General terms and conditions which sets out when we can vary the interest rate and how we will notify you if this happens.

What would the estimated balance be at the end of the 12 months based on 12 monthly deposits of £100 totalling £1,200?

The balance on 12 monthly deposits of £100 paid on the first day of each calendar month with an interest rate of 3.50% gross p.a./AER (variable) would be £1,222.75.

This estimated balance is for illustration only and assumes that:

  • No further deposits or withdrawals are made
  • Account opened on 1st January
  • There is no change to the interest rate
  • Individual circumstances do not change

How do I open and manage my account?

To open this account:

  • You need to be aged 11-17 years old
  • You must hold a FlexOne current account
  • You can open this account with a minimum of £1 up to a maximum of £100
  • You can only hold one FlexOne Regular Saver account

You can open this account:

  • Online using the secure application form (start your application below)
  • In branch

You can manage your account:

Please note: you will need a minimum of £1 in the account for it to operate.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. We can also close your existing savings account, if you want us to. Just let us know when you open a new account on nationwide.co.uk, via our Internet Bank or Banking app (if you're registered) or come and see us in branch.

Can I withdraw money?

Yes, this is an instant access savings account so you can get access to your money whenever you need it.

  • You may pay money into your account and take money out of your account at any time. You can save up to £100 for each calendar month, so you can replace any money withdrawn up to the monthly amount. For example, if you pay in £100 in the month and then take out £50, you can add another £50 before the end of the month.

You can:

  • Take money out by transferring funds to your Nationwide current account, or another Nationwide account held in your name using our Internet Bank or Banking app (if registered for Internet banking) then you can withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches

Additional information

  • When you turn 23 your FlexOne Regular Saver account will be closed and any balance transferred to an instant access savings account.
  • There is no requirement to make a deposit every month.

Interest rate definitions explained:

  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Gross p.a. is the interest rate without tax deducted.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HMRC’s website.

The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

The rates and information in this Summary Box are correct as of 23 November 2016.

This Summary Box sets out the key features of the savings account. For full details, please read the account terms and conditions.

Before you apply, please make sure you read the Summary Box and terms & conditions in full and print or save a copy of the PDFs below for future reference.