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.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
What type of child accounts does Nationwide offer?
Nationwide has 3 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 up to £1,000. 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 is fairly competitive, but you can only make one withdrawal a year from the account, otherwise the rate drops. You can save up to £5,000 a year in this account.
FlexOne Saver. This savings account is only for those who hold a FlexOne current account and it pays a higher rate of interest than the future saver account. The account is designed for 11 to 17 year olds and you can make unlimited withdrawals too.
With Nationwide’s current account, 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.
If you opt for a debit card, a further bonus is that Nationwide won’t charge a fee for spending on the card overseas.
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 FlexOne 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 proof of address for an adult living at the same address. If the child is 11 or 12, you can only apply in person.
If you have opened a FlexOne current account, you’ll then be able to open a FlexOne Saver account, but the same application rules apply.
As for the future saver account, you can only open the account in branch. 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 spending overseas.
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.
Withdrawals from the future saver account are limited to one a year (or the interest rate will drop).
Your child must have a FlexOne current account to get the more competitive FlexOne saver account.
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 both its children’s current account and savings accounts. The current account has 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.
Nationwide’s kids’ savings accounts are also competitive, particularly if your child opens the FlexOne current account first.
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 future 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. The same rules apply for the FlexOne saver, but your money will be moved to a different instant access savings account.
Nationwide’s child current account and FlexOne Saver are 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.
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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
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