Unfortunately, this deal is no longer available
New Nationwide Future Saver acc. 3.5% on up to 5K pa (about £185), if you have  kids under 15
785° Expired

New Nationwide Future Saver acc. 3.5% on up to 5K pa (about £185), if you have kids under 15

64
Posted 3rd Oct 2018Edited by:"Bestbitter"

This deal is expired. Here are some options that might interest you:

My monthly saver is coming to an end, so I was looking for a better option. Found this while in Nationwide, and compared to my monthly saver which gives me roughly £76 (5% on £250pm), this pays up to roughly £185 if you deposit the whole 5k on opening... and you can sill have a monthly saver as well, to maximize interest available.
It seems a great way to save up for something your child might need in the future... car/phone/wedding!!! etc. Or just for Christmas each year!

It is called the Nationwide 'Future saver' account, which has replaced the child isa. Unlike the isa, which is locked in and belongs to the child when they turn 18, this account can be closed at any time, and the parent/guardian maintain control until the child reaches 18...unless they want to sign it over to the child when he/she turns 16. (Your child does not need to know that the account exists!) You make all the deposits, and any withdrawals yourself, to suit you. The child is not needed to be present, and you open and close it yourself.
If you already have a childrens account, you can open it on line, as the childs details are already validated. If not, you will have to go into branch.
Your child must be under 15 when you open the account. You need to be a Nationwide current account (not FlexBasic) holder to get 3.5% AER variable. If you're not, you get 2.5%. It only allows children (you) to make one penalty-free withdrawal a year, then the interest reverts to 0.5%.

I can see that it is possible for people to open this as an extra high value savings account, rather than genuinely saving for their child. However, the criteria for this account is to have a child, so I don't see that this as an abuse of the system, as parents are spending money daily to bringing up a child,
As interest is so hard to come by, I hope this can help some parents to get a bit more out of their money!

Edit: I have opened one of these accounts, and am told that an additional £5000 can be added every year, and that the interest rate of 3.5% is across the whole amount in the account, calculated daily on the ballance.
This makes it a very attractive rate of return on higher amounts.
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Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.
Good deal if you’re happy to put the money away for a year without making more than one withdrawal from it as 1+ withdrawals drops the interest rate to 0.05
64 Comments
Good deal if you’re happy to put the money away for a year without making more than one withdrawal from it as 1+ withdrawals drops the interest rate to 0.05
Don’t have my current account with them so it would be 2.5% but a good deal if you have an account with them.
chridt37 m ago

Good deal if you’re happy to put the money away for a year without making m …Good deal if you’re happy to put the money away for a year without making more than one withdrawal from it as 1+ withdrawals drops the interest rate to 0.05


It’s 0.5 not 0.05%, that’s what I get for my E-ISA ..... it’s time to look around :-)
This is taxable savings though so the Junior Isa that Nationwide originally offered still gives a higher interest overall...

But just the difference between being able to withdraw or having to wait 18 yrs before the isa transfers over to them etc...

My main question is can you have both of them for one child?
Edited by: "Blitz8484" 3rd Oct 2018
Does the interest count towards the childs annual allowance or the parents?

Can you transfer in an old CTF (child trust fund)?

Is the interest paid monthly or annually? If monthly, can the interest be paid into a nominated acc elsewhere?

Finally, is it only one account per child or can you open multiple accounts for same child?
Edited by: "Sharpharp" 3rd Oct 2018
Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.
chridt1 h, 32 m ago

Good deal if you’re happy to put the money away for a year without making m …Good deal if you’re happy to put the money away for a year without making more than one withdrawal from it as 1+ withdrawals drops the interest rate to 0.05


You can make 1 withdrawal with no loss of interest. 2 or more then it goes down. Looks good.
tundoy6936 m ago

Do Halifax not do the kids saver at 4.5% no more? That’s what I have along …Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.


Exactly. I do the same thing for my 9months old. Regular saver 4.5% and kids saver 2%. A year later the regular saver will be automatically transfered to the kids saver.
tundoy6903/10/2018 10:15

Do Halifax not do the kids saver at 4.5% no more? That’s what I have along …Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.


Kids Saver is only 2% @ halifax
To open account online both parent and child need to have existing accounts with Nationwide.
Blitz84842 h, 0 m ago

Kids Saver is only 2% @ halifax


Sorry, kids monthly saver it’s called now at 4.5% kids saver then at 2%
tundoy6903/10/2018 10:15

Do Halifax not do the kids saver at 4.5% no more? That’s what I have along …Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.


Got an account with Halifax for my child, dont remember the interest rate but what I know is he now has over £5000 and the interest rate is rubbish once you reach 5000.
sheffield78803/10/2018 13:01

Got an account with Halifax for my child, dont remember the interest rate …Got an account with Halifax for my child, dont remember the interest rate but what I know is he now has over £5000 and the interest rate is rubbish once you reach 5000.


Correct but you know you can have upto two.. so I’d open another as an over spill.. unless your over 10k in that case... luck child
tundoy696 m ago

Correct but you know you can have upto two.. so I’d open another as an o …Correct but you know you can have upto two.. so I’d open another as an over spill.. unless your over 10k in that case... luck child


Yes. The grandmother has one for the child as well. Barely anything in it but does not want to change the bank. So, a bit stucked...as 2 accounts in his name..
tundoy693 h, 37 m ago

Do Halifax not do the kids saver at 4.5% no more? That’s what I have along …Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.


That's right but you could move any money in the 2% child saver across to this and earn 3.5%.

Keep saving new money each month in the regular 4.5% to maximise the interest and each year it matures move it across to this.
crumpetman2 h, 6 m ago

To open account online both parent and child need to have existing …To open account online both parent and child need to have existing accounts with Nationwide.



Yeah, so what account does the child have to have with Natwest first? Why would the child need one if you are acting on their behalf?
You can open this account:

The maximum interest a child can earn before it becomes the adults' taxable income is £100 interest. However, if both parents give then this becomes £200. £100 from each!
a bank giving decent interest on savings whats the world coming to
Is cashbuilder current account? I have this account for a long time, no really use it.
Don't know if alot of people will like this but I've recently opened a future saver account with nationwide for my son and it pays you 3.5% and you can save £5k per year. Couldn't see any high street competitor paying any better. To get the rate you need to have your main current account there but you can still get it if you don't BUT you'll get 2.5% instead however you can just open a flexdirect current account which should automatically make you eligible for the higher interest or do the recommend a friend to get £100. Pm for assistance.
Edited by: "razk2k16" 13th Oct 2018
I thought the maximum was £50k. Open in trust, when child is 18 close the account and its yours (as in trust).
All good scams for parents to get higher rates!
Common.Sense12/10/2018 22:43

I thought the maximum was £50k. Open in trust, when child is 18 close the …I thought the maximum was £50k. Open in trust, when child is 18 close the account and its yours (as in trust).All good scams for parents to get higher rates!


I've just had a look can't see anything about a maximum. Just says you can save upto £5k per account year.
razk2k1611 m ago

I've just had a look can't see anything about a maximum. Just says you can …I've just had a look can't see anything about a maximum. Just says you can save upto £5k per account year.

Common.Sense16 m ago

I thought the maximum was £50k. Open in trust, when child is 18 close the …I thought the maximum was £50k. Open in trust, when child is 18 close the account and its yours (as in trust).All good scams for parents to get higher rates!



Yes, it is a new account. So allows 95k deposit (19 years) + interest. Good deal.
Too late for me. I opened the old one wth £50k attracting the high interest rate. Closed and took money back.

The other scam for high tax payers was premium bonds (pre financial crisis rates/prizes were good). Tax free and winnings paid to parents!

Before children reach the age 16 sell and money goes back to parents. I did these too.

I did leave them with pensions. Tax man adds 20% to the maximum value, so £3600/year.
Began child pension aged 1.
They have to work, as they cannot touch them until 55!
Edited by: "Common.Sense" 12th Oct 2018
remember, if money is from a parent, max interest allowed per child per year is £100.

More details here.

gov.uk/sav…ren
Edited by: "Speculator" 12th Oct 2018
Anyone willing to copulate so we can take advantage of this deal?
crumpetman1 h, 7 m ago

Already …Already postedhttps://www.hotukdeals.com/deals/new-nationwide-future-saver-acc-35-on-up-to-5k-pa-about-175-if-you-have-kids-under-15-3067677


So? Big deal
Thanks
I don’t have any kids, is this deal worth having a kid for?
P13ULC1 h, 56 m ago

I don’t have any kids, is this deal worth having a kid for?


Now that I have one, I probably wouldn't get back into bed for less than 10%
Thanks for this
Question. If anyone knows.

i know if the kids account earns above £100 interest it then becomes taxable.

but if as a parent I am a non tax payer. Then surely there is nothing extra to pay right
P13ULC2 h, 28 m ago

I don’t have any kids, is this deal worth having a kid for?


My interest rate in kids soon disappeared once we had one.
Has anyone opened this account ? Done the online method and had zero correspondence
jameswalker45713/10/2018 07:54

Has anyone opened this account ? Done the online method and had zero …Has anyone opened this account ? Done the online method and had zero correspondence


Yes, I did it last week, and had no correspondence whatsoever until it suddenly appeared 4 days later along with my other accounts, and then next day, I got a letter telling me it was up and running. Very poor from a service point of view, although it might be because it has only been running for about 2 weeks... I opened a instant saver account the following day, got immediate email confirmation, and informed when it was opened, so not the norm for them. I did call cs to check that it was in the system, which they could confirm, but were themselves surprised that I had not received any sort of confirmation.
It appears grouped with your other savings accounts with your web page, not under the child's accounts. It is easy to transfer money to/from, and I am very pleased that I opened it, now that it is up and running.
Edited by: "Bestbitter" 13th Oct 2018
Blitz84843rd Oct

This is taxable savings though so the Junior Isa that Nationwide …This is taxable savings though so the Junior Isa that Nationwide originally offered still gives a higher interest overall...But just the difference between being able to withdraw or having to wait 18 yrs before the isa transfers over to them etc...My main question is can you have both of them for one child?


The answer is yes, as I have just done this. The account appears listed under your savings accounts on the web page, whereas the child's isa appears in under Children's savings. This further confirms the fact that you have total control over the account, but the isa is 'untouchable' until the child is 18, and then gets it all!
Bestbitter13/10/2018 08:32

Yes, I did it last week, and had no correspondence whatsoever until it …Yes, I did it last week, and had no correspondence whatsoever until it suddenly appeared 4 days later along with my other accounts, and then next day, I got a letter telling me it was up and running. Very poor from a service point of view, although it might be because it has only been running for about 2 weeks... I opened a instant saver account the following day, got immediate email confirmation, and informed when it was opened, so not the norm for them. I did call cs to check that it was in the system, which they could confirm, but were themselves surprised that I had not received any sort of confirmation.It appears grouped with your other savings accounts with your web page, not under the child's accounts. It is easy to transfer money to/from, and I am very pleased that I opened it, now that it is up and running.


It didn't ask me for my customer number but I applied through the app? So I'm hoping I auto did it some how to do what you describe.

I've opted to move the full 5k and that still hasn't moved from my current account 6 days later I think it is.

I'll probably call on Monday if I don't see anything
tundoy693rd Oct

Do Halifax not do the kids saver at 4.5% no more? That’s what I have along …Do Halifax not do the kids saver at 4.5% no more? That’s what I have along side the child saver at 2% once your account matures it dumps the lot plus the 4.5% in the child saver.


They do, but you can only save £100pcm.
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