Open on behalf of the child, or let them apply in their own name if they’re aged 7 or above.
Earn 1.62% interest changing to 1.53% (gross / AER variable) on 23/07/2025
Get a variable rate of interest, paid annually
Start saving with as little as £1
Manage the account online, through our mobile app, by telephone, or in branch
Make unlimited withdrawals and deposits
Apply on behalf of a child under 18.
Children aged 7 and above can apply in their own name
If the child is under 7, an adult will have to apply on their behalf
If you’re opening an account on behalf of a child, you can only open one account for them. You may open up to 10 accounts for 10 different children
If the child opens the account in their own name, they will be the only person who can manage their account and do things such as obtaining balance information, and calling us to make changes to their account.
Not the right account for you? Take a look at our other savings accounts.
The account summary information is displayed in the Summary Box below — you must read it before applying. You can also download this information as a PDF.
Future Fund
1.62% rate up to 22/07/2025
1.53% rate from 23/07/2025
gross / AER variable
Interest is calculated daily and will be paid into your account annually on 5 April.
Yes. The interest rate is variable, which means that it could go up or down.
If we increase the rate, we’ll apply the higher rate immediately and we’ll tell you about the change within 30 days.
If we decrease the rate, we’ll give you 2 months' notice of the change.
For more details about when and how we might change the rate, see the 'Changes' section of our Savings general terms and conditions (PDF).
£1,015.30
This calculation is for illustrative purposes only and assumes:
To open an account the child must be a UK resident aged under 18. If the child is aged 7 and above they can open the account in their own name.
If the child is under 7, they will need an adult to open the account on their behalf. The adult must be a UK resident aged 18 and above.
Only 1 account can be opened per child. An adult opening an account on behalf of a child may open up to 10 accounts for different children.
If an account has been opened on behalf of the child, when the child reaches 7 it can be transferred into their name using the transfer of account ownership form (PDF).
Once the account has been transferred into the child’s own name, the adult who opened the account will no longer have access.
To order an application form call 03457 212 212. Lines are open 8am to 6pm Monday to Friday, 9am to 5pm Saturday and Sunday. Call charges apply.
There is a minimum opening balance of £1 to be paid within 30 days of opening the account.
If the minimum amount of £1 isn’t paid within 30 days we may close the account.
There is a maximum balance of £1,000,000.
To deposit money into your account, you can:
Yes – you can make as many withdrawals as you like.
You can withdraw money:
If you are or have previously been made bankrupt, you can still apply.
Interest earned from this account will count towards your Personal Savings Allowance. You may need to pay tax to HM Revenue & Customs if the total interest you earn is greater than your Personal Savings Allowance. Visit the Government’s website for more information. You can also find out more about interest on savings for children on the Government’s website.
Approval is based on an assessment of your personal circumstances. The Co-operative Bank reserves the right to decline to accept any application or deposit. To help protect you and ourselves against fraud, we’ll share the personal information from your application with fraud prevention agencies.
Proof of identity
As well as your completed form, we may need you to send us proof of your identity. This is to help protect both you and us from fraud, and to meet UK regulations.
Once we’ve received and reviewed your application, we’ll contact you to let you know whether we’ve been able to open an account for you.
We will need to verify your identity and the child’s identity. To do this, please send us one form of proof of identity and one form of proof of address for yourself, and one form of proof of identity for the child.
However if you’re an existing customer, you’ll just need to provide your sort code and account number and will not need to provide any further proof of identity or proof of address for yourself. Please note, you’ll still need to provide proof of identity for the child.
We will just need to verify your identify. To do this, please send us one form of proof of identity and one form of proof of address for yourself. Occasionally, we may ask for an additional item or document for confirmation.
However if you’re an existing customer, you’ll just need to provide your sort code and account number and will not need to provide any further proof of identity or proof of address for yourself.
You can read more about what proof of identity we accept.
You can provide your documents by post or in branch. Please note, proof of identify for Future Fund applications cannot be verified online.
Here are the steps you need to take if you’re:
Post your completed application form and your proof of identity to The Co-operative Bank plc, PO Box 638, Salford, M5 0JQ.
Is our Future Fund account not right for you?
Compare all of our savings accounts
Please note: you must be 16 or over to apply for our other savings accounts.
An instant access account for existing customers who want to manage their savings online or through our mobile app.
A savings account for both existing customers and new customers who want to manage their savings online, through our mobile app, in branch, or by phone.
A limited access account for those who want a higher interest rate if they don't withdraw, but have easy access to their money when they need it.
There is now more protection for victims of certain types of scams. Read more about the changes to scam reimbursements.
AER stands for Annual Equivalent Rate and shows what the interest rate would be if interest were paid and added to your account each year.
Business day is usually Monday to Friday excluding bank holidays.
Calculated daily means the interest earned is based on the amount of money in your account at the end of each business day
Calendar month means from midnight on the first day of a month to 11.59:59pm on the last day of the month.
Fixed interest means the rate stays the same until the account matures.
Gross is the rate of interest payable before any tax is taken off.
Tax-free means you will not pay any tax on your interest.
Tax year runs from 6 April to 5 April.
Variable interest means that it could go up or down.
Please note: any reference to tax is based on our understanding of current tax regulations which may change in the future and depend on the customer's individual financial circumstances.
The Co-operative Bank reserves the right to decline or accept any application and/or deposit.
Your eligible deposits held by a UK establishment of The Co-operative Bank p.l.c. are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with The Co-operative Bank and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.
Please read further information on the FSCS scheme here or visit their website.
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