Account overview
Open on behalf of the child, or let them apply in their own name if they’re aged 7 or above.
With our Future Fund account, you can:
Earn 1.81% gross/AER variable
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.
Please note:
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.
Account name
Future Fund
What is the interest rate?
1.81% gross/AER variable.
Interest is calculated daily and will be paid into your account annually on 5 April.
Can The Co-operative Bank change the interest rate?
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).
What would the estimated balance be after 12 months based on a £1,000 deposit?
£1,018.10
This calculation is for illustrative purposes only and assumes:
- There are no changes to the interest rate in the 12 month period
- You haven’t made any additional deposits or withdrawals.
How do I open and manage my account?
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.
Transferring account ownership
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.
You can open an account:
- In branch
- By post – you’ll need to complete an application form.
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.
Minimum and maximum balance
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.
Deposits
To deposit money into your account, you can:
- Transfer money from your Co-operative Bank accounts or other bank accounts
- Pay in cash or cheques at a branch
- Pay in cheques at your local Post Office.
How do I manage this account and get in contact?
- You can contact us by phone or by visiting a branch
- You can also manage your account via online and mobile banking.
Can I withdraw money?
Yes – you can make as many withdrawals as you like.
You can withdraw money:
- Through mobile or online banking – by transferring your money to another account with us, or another provider
- In branch
- Through telephone banking
- By requesting a bankers cheque – please note, there is a charge for this.
Additional information
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.
Apply for a Future Fund account
To be eligible for a Future Fund account, a child must be:
- A UK resident
- Under 18 years of age.
If the child is aged 7 or above:
- They can apply in their own name
- An adult can also apply on their behalf — the adult must be a UK resident aged 18 and above.
If the child is under 7 years of age:
- An adult must apply on their behalf – the adult must be a UK resident aged 18 and above.
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.
Before you apply:
- Please make sure you’ve read the summary box information above, and read and saved copies of the important documents below.
Apply by postal application form
To apply using our postal application form, you’ll need to:
- Call us on 03457 212 212 to request an application form, and we’ll post one out to you. Lines are open Monday to Friday 8am to 6pm, Saturday and Sunday 9am to 5pm. Call charges apply
- Fill it in with your details once it arrives
- Post your completed form and any other required documents such as your proof of identity to The Co-operative Bank plc, PO Box 638, Salford, M5 0JQ.
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.
What happens next?
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.
If you’re opening the account on behalf of a child
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.
If you’re opening the account in your own name
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.
Documents we accept as proof of identity
You can read more about what proof of identity we accept.
How to provide my proof of identity
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:
Sending documents by post
- Take photocopies of your original documents – remember to capture both sides if needed. One of the reasons we ask for copies of your documents is so you don’t need to send us the originals, as there is always a chance something may happen to them or they’ll get lost in the post.
- Get your photocopies certified by a professional person. We ask for this to help prevent fraud.
Post your completed application form and your proof of identity to The Co-operative Bank plc, PO Box 638, Salford, M5 0JQ.
Bringing original documents in branch
- Bring all the necessary original documents with you.
- Let us check your documents and take photocopies of them.
Bringing certified copies in branch
- Take photocopies of your original documents – remember to capture both sides if needed.
- Get your photocopies certified by a professional person. We ask for this to help prevent fraud.
- Bring your certified copies in branch.
Other ways you can save with us
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.
Online Saver
2.65% gross / AER variable
An instant access account for existing customers who want to manage their savings online or through our mobile app.
Smart Saver
1.81% gross / AER variable
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.
Select Access Saver
Up to 3.25% gross / AER variable
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.
Savings terms explained
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.
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.
Financial Services Compensation Scheme
Your eligible deposits held by a UK establishment of The Co-operative Bank plc 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 following: The Co-operative Bank, Britannia 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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