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

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

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'll 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% AER/gross p.a. (variable) would be £1,222.75.

This estimated balance is for illustration only and assumes that:

  • the account was opened on 1 January
  • no further deposits or withdrawals are made
  • 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:

  • Using the 'Start application' button below this Summary Box
  • In branch.

You can manage your account:

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

There's no requirement to make a deposit each month but the maximum you can deposit each calendar month is £100.

It’s easy to move your savings between your existing Nationwide savings account or to open a new savings account with us. We can also close your existing savings account if you want us to. Simply go to nationwide.co.uk, use our Banking app or visit one of our branches.

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.

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 at 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.