Important information about applying for this account

Already Nationwide members?

If you’re a Nationwide member, you can apply for this account online. Keep in mind, the child doesn’t need to be a Nationwide member – just you.

New to Nationwide?

You’ll need to call your local branch and arrange an appointment to open this account over the phone.

Find the phone number of your nearest branch.

Why choose Future Saver?

Interest rate

1.00% AER/gross a year (variable) if you have a main current account with us; 0.50% AER/gross a year (variable) for all other customers.

Access to your money

Limited to one withdrawal per account year. Make more than one and the rate drops to 0.05% AER/gross p.a. (variable).

Manage your money

In branch

Designed for:

  • Parents and adults with parental responsibility looking to save for a child's future.
  • Savers who want to open an account for a child aged up to 15
  • Savers who want to deposit up to £5,000 per account year

Not designed for:

  • Savers who do not have parental responsibility for a child
  • Savers who want to open an account for a young person aged 16 or over

As the adult, you will be the account holder managing the money on behalf of the child, who will be the legal owner of the money. You will have control of any withdrawals from the account. If you're not already, you’ll become a member of Nationwide when you open a Future Saver but your child won’t.

Information: Saving for a child in care
If you’re a foster carer, friend or relative of a child in care, you cannot open a Future Saver account for them unless you’ve been granted parental responsibility or a Special Guardianship Order. A Future Saver account can only be opened by those with parental responsibility for a child. Instead, you can speak to The Share Foundation about saving money in the child’s Child Trust Fund or Junior ISA.​

Are you looking for a different type of young person’s account? View our full range of accounts for young people.

Eligibility terms explained

What is parental responsibility?

By ‘parental responsibility’ we mean the legal rights and responsibilities that a parent has for a child.

All mothers and most fathers automatically have parental responsibility for their child. It can also be granted by formal agreement or Court Order.

Foster parents do not have parental responsibility unless they have been granted a Special Guardianship Order by the Court.

To qualify as a Nationwide main current account member you must either:

  1. Hold a FlexOne, FlexStudent, FlexGraduate, FlexDirect or FlexPlus account


  2. Hold a FlexAccount and:

    1. have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); or
    2. completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.
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Account details

Explore the key features and benefits of this account in our Summary Box before moving on to start your application.

Summary Box

Account name

Future Saver

What is the interest rate?

The interest rate on this account is tiered. The interest rate is also dependent on the number of withdrawals made during the Account Year.

Interest rate for eligible main current account customers*

Withdrawals per Account Year Interest rate AER/gross p.a. (variable)
1 or less 1.00%
2 or more 0.05%

Interest rate for customers who do not have a main current account

 Withdrawals per Account Year Interest rate AER/gross p.a. (variable) 
1 or less 0.50%
2 or more 0.05%

Interest is calculated daily and paid into the account annually at the end of the day before each anniversary of account opening and on the date the account is closed.

* To be an eligible current account customer you must be a member with a main current account with us.

Our main current accounts are FlexPlus, FlexDirect, FlexStudent, FlexGraduate or FlexOne.

FlexAccount is one too so long as you have been paying in £750+ a month for the last 3 months (not including transfers from any other Nationwide accounts); or you’ve switched your account to us from another provider using our Current Account Switch Team in the last 4 months.

Can Nationwide change the interest rate?

Yes, the interest rates are variable.

Please see the “Variation of your interest rate and other account terms and conditions” and “How will we tell you about interest rate changes?” sections of the Savings General Terms and Conditions which set out when we can vary the interest rate and how and when we will notify you if this happens.

What would the estimated balance be after 12 months based on a £1,000 deposit?

Withdrawals made in Account Year  Interest rate AER/gross p.a (variable) Balance after 12 months
0 1.00% £1,010.00
0 0.50% £1,005.00

The table above shows the balance on an initial deposit of £1,000 where no withdrawals have been made after 12 months with interest added to the account.

Withdrawals made in Account Year  Interest rate AER/gross p.a (variable) Balance after 12 months
2 1.00% down to 0.05%** £982.07
2 0.50% down to 0.05%** £981.24

The table above shows the balance on an initial deposit of £1,000 after 12 months with interest added to the account, where a withdrawal of £10 was made on the 1st day of each calendar month for the first two months.

**This interest rate is only applied once the second withdrawal is made in the same Account Year. The lower rate is applied for the remainder of the Account Year

The estimated balances are for illustration only and assume that:

  • no further deposits or withdrawals are made
  • there is no change to the interest rates
  • the illustrated balances after 12 months are shown after addition of interest and deduction of withdrawals (where made) during the Account Year.

How do I open and manage my account?

To open this account, you must be:

  • an adult aged 18 or over with parental responsibility for a child who lives with you for at least some of the time – at the time of opening the account, the child must be aged between 0 and 15 years, however the account can be held until such time as the child is 18 years and six months old.
  • a UK resident.

An adult with parental responsibility can only hold one Future Saver account per child.

You can open this account with a minimum of £1 up to a maximum of £5000. You can increase your account balance by up to £5000 each Account Year (this does not include any interest accrued on the account).

You can open this account:

  • by visiting using the 'Start application' button below this Summary box (if you and your child already have a savings or current account with us)
  • by calling your local branch to make a telephone appointment.

You can manage your account:

Once the child has reached 18 years and six months old the money will transfer to an instant access savings account and the terms and conditions and interest rate applicable to that account at that time will apply. The account will remain in the name of the adult (with parental responsibility) until the adult transfers the new account, into the child’s sole name.

It’s easy to move your savings between your existing Nationwide savings accounts or to open a new savings account with us. Simply go to, use our Internet Bank, Banking app or visit us in one of our branches.

Can I withdraw money?

Yes, you can make 1 withdrawal per Account Year for your child without loss of interest. Further withdrawals are allowed but will result in a lower rate of interest for the remainder of the Account Year.

Subject to the account balance, you can:

  • withdraw up to £500 in cash a day or up to £500,000 by cheque at any of our branches
  • transfer money to another Nationwide current account or savings account (as long as it is possible to make payments into the account), using the Internet Bank or our Banking app (if you’re registered for internet banking).

Additional information

Account Year means the 12-month period from the date that the account was opened and each subsequent period of 12 months thereafter.

The adult will be acting on behalf of the child (as a ‘bare trustee’). Although the account is in the name of the adult, the money in the account is held for and belongs to the child.

You should tell the child, and any other person with parental responsibility for them, about this account.

Under data protection law, we must be clear about how we collect, store and process members’ data. We may therefore tell the child or any other person with parental responsibility that the account exists at any time – for example, when we are interacting with the child, or if we need to contact them for legal or regulatory reasons. This enables us to manage the child’s data correctly, keep them safe and meet our legal and regulatory responsibilities.

To protect your personal information, we’ll limit what we tell them to that which is reasonably necessary. In most cases, this will only be that the account exists.

Opening a Future Saver gives the adult Nationwide membership.

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.

The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please visit HM Revenue & Customs’ (HMRC) website
The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.
The interest rates and information in this summary box are effective from 12 October 2020.

This Summary Box sets out 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 and Conditions in full and print a copy for reference.

Other important information