Why choose Future Saver?

Future Saver is specially designed for parents and adults with parental responsibility who are looking to save for their child’s future. Available to open on behalf of a child from birth up to age 15.

  • Interest rate: 3.50% AER/gross p.a. (variable) for members who have a main current account with Nationwide. Interest rate of 2.50% AER/gross p.a. (variable) for all other customers.
  • Limited access: with a lower rate of interest of 0.50% AER/gross p.a. (variable) if you make more than one withdrawal per account year
  • Save: up to £5,000 per account year
  • Manage your money: online and in branch

Eligibility criteria apply. Additional conditions apply for online applications.

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. You’ll become a member of Nationwide when you open a Future Saver but your child won’t.


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

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 3.50%
2 or more 0.50%

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 2.50%
2 or more 0.50%

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.

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 3.50% £1,035.00
0 2.50% £1,025.00

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 3.50% down to 0.50%** £989.89
2 2.50% down to 0.50%** £988.23

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.

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
  • via the 'Start application' button below this Summary Box (if you and your child already have a savings or current account with us).

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(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.

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

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.

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