Future Fund

For people who want to save for their child’s future.

Open on behalf of your child or let them apply in their own name if they’re aged 7 or above.


gross / AER variable


  • Earn a variable rate of interest, paid annually
  • Start saving with £1
  • Manage online, by mobile, over the phone or in branch
  • Instant access
  • Unlimited withdrawals and deposits
  • Apply on behalf of a child under 18
  • Children over 7 can apply in their own name
  • Opt into paperless statements

Summary box for Future Fund

Account name

Future Fund

What is the interest rate?


gross / AER variable

Interest is calculated daily and paid 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 month’s 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?


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 you must be a UK resident aged under 18. If you are a child aged under 7 you will need an adult to open this account on your behalf.

If a person is opening an account on your behalf they must be a UK resident aged 18 years or above.

You can only have one account in your own name. A person opening an account on your behalf may open 1 account for you, and up to 9 accounts for other children.

If you’re aged 7 or above

Once the account has been transferred into your name, the person 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 - 5pm Saturday & Sunday. Call charges

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


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:

    • Online or mobile - by transfer to an account with us or another bank
    • in branch
    • by telephone banking
    • by requesting a bankers cheque - 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 on this and interest on savings for children.

    Apply for a Future Fund

    A child must:

    • be a UK resident
    • be under 18 years of age

    If an adult is opening an account on your behalf they must be a UK resident aged 18 years or above.

    If you are a child aged under 7, an adult will need to open this account on your behalf.

    Before you apply

    Please read these important documents↓ and save them for future reference.

    Apply by post

    Call for a Future Fund application form on

    03457 212 212

    8am to 6pm Monday to Friday, 9am to 5pm Saturday & Sunday

    Call charges

    Apply in branch

    Find your nearest branch

    Savings terms explained

    AER stands for Annual Equivalent Rate and shows what the interest rate would be if it were paid and added to your account each year.

    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.

    Business day is usually Monday to Friday excluding bank holidays.

    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.

    FSCS logo

    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 click here for further information or visit www.fscs.org.uk

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    Contact our support team