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Future Fund

The future fund is all about getting your child off to the best start by building up a lump sum for the future.

How to apply

For an application form for a Future Fund account call 03457 240 752 or visit local branch. Call charges.

Interest rates

Interest rates for Future Fund
Effective from 18th January 2010. These interest rates are variable.
  AER Gross Interest Credited
£1+ 0.25% 0.25% Interest is paid without the deduction of tax yearly
£1,000+ 0.25% 0.25%
0.25% 0.25%

Summary box

Key Product Information for our Savings Account
Account name Future Fund
Interest rates (AERs) The interest rate payable is variable
Tax status Interest will be paid without the deduction of tax
Withdrawal arrangements Branch/Web/Post/Phone/Post Office®.
Access Statement based account operated either by visiting a branch, by post or by telephone.

 

The minimum balance on this account is £1 and the maximum balance is £1,000,000.

Features and benefits

  • instant withdrawals
  • easy to see how the money is being used – only you can make withdrawals
  • easy transfers between a Future Fund and a Bonus account.
  • any adult can open a Future Fund on behalf of a child aged 16 and under, and the adult will have full control and/or access over child’s account.
  • any child aged between 7 and 17 years, 9 months, can open the Future Fund in their sole name, which means that only they will have full control and/or access to their account.

Eligibility

To open an account you and your parent/guardian must be a UK resident.

To be eligible for this account you must be under 18. If you are under 7, a person over 18 must open the account on your behalf.

Servicing

Deposits

Anyone can add to a Future Fund at any time:

  • in branch - by paying in cash or cheques at any branch of The Co-operative Bank
  • by post - by sending a cheque, using a deposit envelope
  • by transfer - from any other UK bank account
  • by Standing Order - from another bank account
  • at the Post Office - by paying in cheques using a pre-addressed envelope.

Withdrawals

You're free to withdraw money from a Future Fund Account without giving us prior notice. There's a range of ways to do it:

  • in branch - at any branch of The Co-operative Bank
  • by telephone - call Telephone Banking on 03457 212 212 (Call charges) to request a cheque for the amount you want
  • online - using The Co-operative Bank Internet Service to transfer funds to another UK bank account

Statements

You'll get a statement every 3 months or every 25 transactions - whichever is sooner. Or you can ring Telephone Banking on 03457 212 212 (Call charges) to check your balances and transactions over the phone. We are here 24 hours a day, 7 days a week. Alternatively, you can view your last 6 statements online.

Definitions

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.

Tax Free - The contractual rate of interest payable where interest is exempt from income tax.

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

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

Remember you can subscribe to a Co-operative Bank/ Britannia Cash ISA as long as you have not subscribed to another cash ISA with another provider in the current tax year.

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). Find out more