Future Saver

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*

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

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. This means you must either:

1. hold a FlexOne, FlexStudent, FlexDirect, FlexGraduate or FlexPlus account, OR
2. hold a FlexAccount and:

• 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
• completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.

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.

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.

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.

The account can be held solely or jointly with a maximum of two account holders. All account holders must meet the conditions for holding the account. 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:

• in branch
• by visiting nationwide.co.uk (if you and your child already have a savings or current account with us).

You can manage your account:

• via our Internet Bank or Banking app (if you’re registered for internet banking)
• in branch.

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(s) of the adult(s) (with parental responsibility) until the adult(s) transfer 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 nationwide.co.uk, use our Internet Bank, Banking app or visit us in one of our branches.

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).

Interest is paid on each whole pound in the account.
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.
Opening a Future Saver gives the adult (s) 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 hmrc.gov.uk.
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 20 September 2018.