Parents who hold their main current account (FlexDirect, FlexAccount or FlexPlus) with the Society will be rewarded with a highly competitive rate of 3.50% AER. Those who don’t hold a main current account with the Society will receive a competitive rate of 2.50% AER.
Parents can invest up to £5,000 per annum and the account can be opened in branch, with existing members also able to open the account online. The account allows up to one withdrawal per year with no impact on rate, but if more than one withdrawal is made during the account year, the account will pay 0.50% until the anniversary of account opening, at which point it will revert to the higher rate.
The account is written in trust for the child and gives parents the flexibility to access the money if required.
Tom Riley, Nationwide Director of Savings, said: “Many parents start to save for their child’s future as soon as their child is born. They have aspirations and dreams for their child right from the start and want to do all they can to put them on the right path for when they start their adult life.
“The account also allows parents to educate their children on why getting into the savings habit is an important life skill. Putting away a few pounds of pocket money or cash presents from family and friends on birthdays and Christmas can soon help the total build up.
“Our new Future Saver account offers a highly competitive rate of interest to help parents and children save for the long term so that their dreams can come true, whether it’s funding a place at university, buying a new car or getting on the housing ladder.”
All other children’s savings accounts will be withdrawn from sale at close of business on 19 September 2018.
About Nationwide
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
