Children’s Future Saver

Your rate depends on how many times you take money out each account year. After you take money out twice, the lower rate applies for the rest of the account year – please see the table below.

An account year is the 12 month period from the date that your account is opened and each 12 month period after that.

• We work out your interest daily. This is then paid into your account yearly on each anniversary of your account opening.
• We'll also pay interest when you close your account.

Yes, the rates are variable. That means we can change them, up or down.

Section 04 of ‘Our Savings Terms and Conditions’ explains when we can do this and how we’ll let you know.

You can also check our current rates in branch or online.

This table shows what a future balance might look like. It assumes:

• Each withdrawal is for £10 and is made on the first day of the calendar month, for the first two months of the account year
• You don’t pay any more money in or take any more money out
• The interest rates shown do not change.

You can only be named on one Children’s Future Saver account per child.

The money in your account will be held on bare trust for the child you are saving for. This means that the account will be in your name, but you will hold the money in it on behalf of the child. No other types of trust are allowed.

You can open an account in your sole name only. Joint accounts are not allowed.

You can only open an account in branch.

You need to pay money into your account within 28 days or the account will close. You can pay in any amount up to £5,000 when you open your account.

You can do so:

• at a branch counter
• using our banking app or the internet bank (if you’re registered).

You can’t increase the amount of money in your account by more than £5,000 at any time during an account year.

This doesn’t include any interest paid on your account.

Yes, and you can take money out once in each account year without losing interest. If you make two or more withdrawals, you’ll get a lower rate for the rest of the account year.

You can take money out in one of our branches, or you can use our banking app or internet bank to transfer money to any Nationwide savings or current account that’s in your name and accepts payments.

We’ll transfer your Children’s Future Saver account to an instant access savings product with a lower interest rate. You will continue to hold the money in the account on bare trust for the child after the transfer.

We’ll be in touch before the transfer to explain your options and next steps.

• 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 for the child 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 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.

By having a Children’s Future Saver, you will be a member of Nationwide. The child you are saving for will not be a member.

Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

The interest rate without tax deducted.

The treatment of the account for tax purposes will depend on individual circumstances; tax may be payable on any interest earned. For more information on how interest we pay to a bare trust for a child is treated for tax purposes, please visit HM Revenue and Customs’ (HMRC) website (opens in a new window). 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 came into effect on 1 September 2025.

You can also read our latest summary financial statement in our review of the year plus our auditor’s report in our annual report and accounts on our Results and accounts page.