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Future Fund

Start saving for their tomorrow, today. Available to open from just £1.


  • Earn a variable interest rate of 0.25% gross AER paid annually.
  • Open an account with as little as £1 (up to £1,000,000.)
  • Adults can open a Future Fund on behalf of a child aged 18 and under.
  • Any child aged between 7 - 18 years can apply for this account in their sole name.
  • Manage the account online, in branch, over the phone, through the mobile app or in one of the 11,500 Post Office® branches across the UK.
  • Make instant withdrawals and set up regular payments into the Future Fund account.
  • Get statements every quarter, or every 25 transactions (whichever comes first).

    • If you sign up to online banking you can receive paperless statements.

Summary Box for Future Fund

  • The information provided below is a summary of the key features of our Future Fund account and is not intended to be a substitute for reading its terms and conditions.

Account name


Future Fund

What is the interest rate?


Interest paid annually
Balance Gross / AER variable
£1+ 0.25%
£1,000+ 0.25%
£5,000+ 0.25%
  • Interest is calculated daily and will be paid into your account on 5 April annually.

Can The Co‑operative Bank change the interest rate?


Yes - the interest rate is variable which means it can go up or down.

We may change your interest rate for the following reasons:

  • To respond to a change in the Bank of England base rate or LIBOR (London Inter Bank Offered Rate) or other rate which impacts on the costs we incur.
  • To respond to changes in our competitors' interest rates.
  • For any other valid reason.

When we increase our interest rates we'll tell you about the change as soon as possible after it's happened. This includes notifying you through national press advertisements, statement messages or statement inserts. We may also send you a letter in the post, or email you.

When we decrease our interest rates we'll inform you by personal notice at least two months before we make the change.

For full details, please see the changes to interest rates section of the terms & conditions.

What would the estimated balance be after 12 months, based on a £1,000 deposit?


Initial deposit at account opening £1,000
Balance after 12 months £1,002.50
Interest earned £2.50

We have worked this out assuming:

  • You haven't made any additional deposits or withdrawals.
  • We have not changed the interest rate in the 12 month period.
  • Please note: this example is intended to illustrate the interest that would be earned after 12 months. The balance shown does not take account of the fact that interest is paid annually on 5 April, rather than 12 months after account opening.

How do I open and manage my account?


Can I apply for this account?

To apply, you must be:

  • A UK resident (for tax purposes).
  • Aged under 18.
  • If a person is opening the account on your behalf, they must be a UK resident (for tax purposes) aged 18 or over. If you are under 7, a person must open the account on your behalf.

At the age of 7 you can open an account in your own name, or, if the account has already been opened on your behalf, it can be transferred into your name. After the account is transferred into your name the person that opened the account on your behalf will no longer have any access to the account.

You may only open one account in your own name. A person opening an account on your behalf may open one account for you and up to nine accounts for other children.

How do I apply for this account?

You can apply for this account:

  • In Branch - by speaking to one of our advisers.
  • By Post - for an application form for a Future Fund call 03457 240 752 (call charges).

Is there a minimum and a maximum balance?

The minimum opening balance is £1.

The maximum balance is £1,000,000.

How do I make deposits into this account?

You can pay money in by:

  • Electronic transfers from another account held with us or another provider.
  • Arranging a standing order from another UK bank account.
  • Visiting any Co-operative Bank branch to pay in cash or cheques.
  • Sending cheques to us by post.
  • Visiting any Post Office® in the UK where you can pay in cheques.

How do I contact you to discuss this account?

You can contact us by telephone or in branch to discuss this account.

Can I withdraw money?


Yes - you can withdraw your money whenever you want as this account has no restrictions on the number of withdrawals.

You can make withdrawals through the following ways:

  • Online and Mobile Banking through electronic transfers to other accounts with us or another provider.
  • Telephone Banking through electronic transfers to other accounts with us or another provider.
  • Branch withdraw cash over the counter and/or make electronic transfers to other accounts with us or another provider.
  • You can also request a cheque withdrawal over the phone or in branch however there is a charge for this.

Additional information


Interest earned from this account will count towards any of your available personal savings allowance.

We will pay interest without deducting income tax. If you earn more interest than the amount permitted as tax free income, you will have to pay tax on the interest earned directly to HM Revenue & Customs.. If you are not sure whether you will have to pay income tax, we recommend that you contact your local tax office or HM Revenue and Customs or visit gov.uk/hmrc/savingsallowance and gov.uk/savings-for-children.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

Gross - The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).

AER - Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

To apply, the child must be:

  • A UK resident (for tax purposes).
  • Aged under 18.

    • If a person is opening the account on the child's behalf, they must be a UK resident (for tax purposes) aged 18 or over.
  • If the child is under 7, a person must open the account on their behalf.

Ready to apply?

Please read our terms and conditions and other important documents before applying
  • All the information you’ve read so far (e.g. features, eligibility) can be found in the important documents below. We recommend that you save a copy of these important documents for future reference.

Call 03457 240 752 (call charges) for an application form or visit a local branch.

Important documents

pdf

Terms and conditions

Download PDF (552KB)
pdf

How we use your personal information

Download PDF (622KB)
pdf

Summary box (including interest rates)

Download PDF (202KB)
pdf

A guide to savings rates and charges

Download PDF (683KB)

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).

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