Nottingham Building Society launches For Their Future children’s savings account as family saving habits evolve

Nottingham Building Society has launched its new For Their Future children’s savings account, designed to better reflect how families are saving for children today, with the account able to be opened from £1 by eligible adults on behalf of a child under 18. 

The variable rate product, which starts with an interest rate at 3.35%, directly replaces one of the Society’s most widely held children’s accounts, the Young Saver, as part of a wider move to ensure its savings range keeps pace with evolving customer needs.  

Significantly, the new account will mature when the child turns 18, rather than 17 on the old product, bringing it in line with broader market expectations and customer preference. The Society’s own customer survey found that 80% of respondents preferred a higher maturity age of either 18 or 21, with the child entitled at adulthood to decide what they would like to do with the money saved for them. 

The account is available now to be opened and operated in branch, with trustees able to view the account online once registered. This combines in-person support with the ability to keep track of savings over time. 

The proposition reflects the reality that saving for a child is rarely done by one person alone. While parents remain the main contributors, the Society’s research found that nearly one fifth of contributions now come from grandparents and other family members, highlighting the growing role of wider family support alongside parents and guardians. 

In response, the account is open to UK resident adults aged 18 or over on behalf of a child, making it easier for families to contribute collectively. It is held by the adult as a bare trustee, meaning the money belongs to the child and must be managed for their benefit. It also offers instant access, allowing withdrawals to help families balance long-term saving with the ability to support key life moments as they arise. 

The latest update comes just after the Society increased rates on its one-year fixed-rate savings accounts, with the Fixed Non-ISA rate moving from 4.35% to 4.45% and the Fixed ISA rate from 4.30% to 4.40%, as part of its ongoing focus on strengthening its offering across all stages of the savings journey. 

Lawrence Chan, Head of Savings at Nottingham Building Society, said: “Saving for a child is a deeply practical thing for most families. It is about putting something aside where you can, involving the people who want to help, and knowing that money will be there when it matters. But for that to work well, the product itself has to be easy to understand and built around real life. 

“Our For Their Future account is designed to do exactly that. We have taken what customers told us, looked carefully at where the previous proposition no longer reflected their expectations, and created something that is clearer, more consistent and better aligned to the way families save today. 

“As a mutual, we want our savings range to support people through every stage of life. This launch is part of that wider commitment, helping families start early, save with confidence, and build stronger financial foundations for the future.”