As a building society that gives its profits back to members, Nationwide often provides competitive financial deals for account holders.
If you are considering it for your child’s first current account or to save for their future, this page is a helpful overview of its children’s accounts’ features, fees, pros and cons.
What type of child accounts does Nationwide offer?
The choice isn’t super wide. Nationwide has two accounts that are meant for under 18s:
A current account. Just like any other current account for adults, this FlexOne account is meant for everyday spending. If you are tired of cash, you can use it for your kids’ pocket money, for example. It is a competitive account without a monthly fee and even pays a small amount of interest on balances. The account is for 11 to 17 year olds.
A future saver. This is a savings account that can be opened by an adult who wants to save for the benefit of a child. The interest rate isn’t super high, but gets a bit better if you are an existing Nationwide current account customer. You can only make one withdrawal a year from the account.
Nationwide doesn’t have any other savings accounts for children, so if that’s what you are after you might want to shop around for more competitive rates.
The current account is pretty good instead. You can choose between a regular debit card (which does pretty much all your own debit card would do), and what Nationwide calls a “cash card”. The cash card allows your child to withdraw cash at an ATM, but not to make card payments in shops or online. While it is a bit of an old-school approach, some parents will appreciate the ability to have better control of their kids’ purchases.
Like with most traditional banks, the current account is available for kids aged between 11 and 17. If your child is younger than that, you can compare prepaid cards for children on this page. They usually have lower age limits and more parental control options, but often come for a monthly fee.
How to open a child account with Nationwide
For the current account, you can start the application online if the child is 13 or older, but you might then need to pop into a branch to have your documents checked before the application is accepted. You will need to provide the child’s ID and a proof of address of an adult living at the same address. If the kid is 11 or 12, you can only apply in person.
If you are an existing Nationwide member, you can start the application through online banking or from the Nationwide app, and Nationwide says this will speed up the process. If Nationwide already has all your documents, in some cases you may be able to complete the application online without travelling to a branch.
As for the savings account, you can open it online if the adult is an existing member, otherwise you’ll need to go in person. You can only open one for a child aged 15 or under for whom you have parental responsibility.
How much does opening a child account with Nationwide cost?
Nationwide says its child current account is fee-free, and they mean it. No monthly fee, and debit card payments and cash withdrawals up to £300 a day are also free.
Unlike most children’s accounts from traditional banks, Nationwide’s does not charge any foreign transaction fees, meaning the child can freely use the card or make withdrawals overseas. This is a strong plus if the family habitually spends time outside the UK.
Is opening a child account with Nationwide safe?
Nationwide is regulated by the Financial Conduct Authority and deposits are protected by the FSCS. So a child account is pretty much as safe as an account for adults from that point of view.
Overdrafts are not available for under 18s, so you don’t need to worry about debt. Nationwide’s current account does not have any special parental control features, so you’ll mostly have to trust your kid with the money, but if you are worried about online purchases, you can choose the cash card over the standard debit card.
Pros and cons of using Nationwide for a child account
Pros
The current account is completely fee-free, including for international payments.
Small amount of interest paid on current account balances.
Children can manage the account via phone, online or on the app.
You can choose between a debit card and a cash card, for additional safety and control.
Children can pay with their phone thanks to Apple Pay and Google Pay.
Cons
No current account options for kids under 11.
Only one savings account option, which is not especially competitive.
Withdrawals from the savings account are limited to one a year (or the interest rate will drop).
Alternatives to children’s bank accounts
If a child’s bank account does not sound like the right idea, then there are other options available.
Prepaid cards As a parent you can purchase a prepaid card for your child. These are aimed for children aged 6 to 18. Parents can top up their child’s balance via an app, control where they shop and also can teach them about good money habits. Learn more about children’s prepaid cards
Customer service information for Nationwide
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
Nationwide gets a thumbs-up for its children’s current account. There are no fees, it has a good level of flexibility and is easy to manage. Nationwide is not the smoothest when it comes to online banking, but overall this is a good account. Plus, the lack of foreign transaction fees is quite a class move if you ask us.
As we said, there are better options out there for savings accounts. But it isn’t a terrible deal either, and if you already bank with Nationwide and don’t want to go through the trouble of opening an account somewhere else, it’s worth considering it.
Get started by visiting Nationwide’s website and applying for an account. If you have read this review and decided that these accounts are not the right choice, you can also discover other bank accounts for children and the option of prepaid cards for kids.
Frequently asked questions
Once the child reaches 18 years and 6 months of age, the savings account becomes a standard easy-access for adults. Which in a nutshell means that the money can be withdrawn any time, but also that the interest rate is pretty low.
With the FlexOne current account, you can keep it until you turn 23, and then it will be changed to one of Nationwide’s everyday bank accounts.
Nationwide’s child current account is for 11 to 17 year-olds. The future saver savings account can only be opened for children who are under 16.
Not at the moment. Junior ISAs have become increasingly rare these days, but Halifax does offer one.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
XTB and eToro are cheap investment platforms with a lot to offer. We compare the features, fees, account types and more – side by side in eToro vs XTB.
Freetrade and Hargreaves Lansdown are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Freetrade vs HL.
Bestinvest and Hargreaves Lansdown (HL) are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Bestinvest vs Hargreaves Lansdown.
Hargreaves Lansdown and Moneybox are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneybox vs Hargreaves Lansdown (HL).
Hargreaves Lansdown and Moneyfarm are both investment platforms with a lot to offer. We compare their features, fees, account types and more – side by side in Moneyfarm vs Hargreaves Lansdown (HL).
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
