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Whether you’re a parent, grandparent or guardian or another adult aged 18 or over, this account can help you put money aside in a child’s name - while keeping things straightforward.
You’ll hold the money on behalf of the child. This is known as a bare trust, which means the account is in your name, but the money belongs to the child you’re saving for. When the child reaches 18, they're entitled to decide what they'd like to do with the money.
To open one of our savings accounts call your nearest building society branch to book an appointment.
A children's savings account is a savings account designed to help build money for a child under 18. The For Their Future allows an adult to save on behalf of a child, helping create a financial foundation for future goals, education or life's big milestones.
Opening a savings account for your child can help you build a financial head start for their future. Whether you're saving for education, driving lessons, university costs, a first car or simply helping them develop good money habits, starting early gives savings more time to grow.
With the For Their Future account, you can start with as little as £1 and add money whenever you choose.
It's never too early to start saving for a child. Many parents and grandparents begin saving shortly after a child is born, allowing small deposits to build over time.
Even regular contributions can grow into a meaningful savings pot by the time a child turns 18.
Yes. Parents, grandparents, guardians and other adults aged 18 or over can open a For Their Future on behalf of a child under 18. The account is held by the adult trustee for the benefit of the child/grandchild.
Yes. You can pay money into the account as often as you like, making it suitable for regular monthly saving as well as one-off deposits. Standing orders can also be used to automate contributions.
By opening a For Their Future account, you will be the account holder and a member of Nottingham Building Society. The child you are saving for will be the named beneficiary of the account but will not be a member of the Society.
We’ll contact the trustee before maturity of the account (when the child turns 18) to explain the options available. If you still hold the account at that time, the savings will be transferred to an instant access account in your name.
We'll provide full details of the account, including the applicable terms, conditions and interest rate, before the transfer takes place. You'll then continue to hold the money on bare trust for the child until we receive further instructions from you. Take a look the product details for more information.
Bare trust’ is a legal term which describes how the money in the account is owned. Although the account will be in your name, the money in the account is held by you on behalf of the child you are saving for. This means the money in the account belongs to the child and when they reach the age of 18, they are entitled to decide what they would like to do with the money.
Yes. For Their Future is an instant access account, which means you can make unlimited withdrawals without notice or loss of interest, provided you keep at least £1 in the account at all times.
Only one child can be named as the beneficiary of a For Their Future account. If you wish to save for more than one child, a separate account will need to be opened for each child.
Yes. While the account is opened and managed through a branch, you can view your account online. You’ll need to register for our online services in branch.
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. The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.
The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our branch savings terms and conditions. This is a limited issue account which could be withdrawn at any time. There are other savings accounts available with Nottingham Building Society and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point.
Parents, grandparents and other authorised account holders can now view a child’s branch-based savings account online or in our app to view balances and recent transactions. Customers can still keep their printed passbook up to date in branch, while also having the option to view account information online. To get started, visit or call your nearest branch to link the account to our online services.
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At Nottingham Building Society, your eligible savings are protected under the Financial Services Compensation Scheme.
That means your money is secure, even if something unexpected happens.
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As a mutual building society, you own us, not shareholders. That means we pass our profits and extra benefits directly to you instead of paying dividends.
To open this savings accounts call your local branch to speak to an adviser to book an appointment. You cannot open or manage this account online.
Scratching your head about savings? Take a look at questions that our members frequently ask us, which you might also find helpful.