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 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 25 September 2020.