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Future Fund

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


  • Earn a variable interest rate of 0.46% 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.
  • Anytime after a child is 7, adults can transfer the account into the child's own name, by completing the Transfer of Account Ownership Form and returning it to the address detailed within the form.
  • 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.
  • We'll provide regular statements. You can view this information at any time if you are signed up to Online Banking.

    • If you sign up to online banking you can also 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+ 0.46%
£1,000+ 0.46%
£5,000+ 0.46%
  • 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 it can go up or down.

We may change your interest rate for various reaasons, please see the 'Changing these terms and ending this agreement' section of our General Terms and Conditions for more details.

When we increase our interest rates - we'll tell you about the change within 30 days after it's happened.

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

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


Initial deposit at account opening £1,000.00
Balance after 12 months £1,004.69

We have worked this out assuming:

  • The 12 months starts on 5 April.
  • You haven't made any additional deposits or withdrawals.
  • We have not changed the interest rate in the 12 month period.

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 Post - for an application form for a Future Fund call 03457 212 212 (call charges). Lines open 8am - 8pm, 7 days a week.

Is there a minimum and a maximum balance?

The minimum opening balance is £1.

The maximum balance is £1,000,000.

You've got 30 days from when we open your account, to pay in the minimum balance of £1. If after 30 days you haven't met the minimum balance, we may close the account immediately and return any funds to you.

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 (such as by using their app or setting up a standing order).
  • cash or cheques
  • visiting any Post Office® in the UK where you can pay in cheques.

How do I contact you to discuss this account?

By telephone or by visiting a branch.

Can I withdraw money?


Yes - 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 Banker's cheque withdrawal over the phone or in branch, however there is a charge for this.

Additional information


If you are or have previously been made bankrupt, you are eligible to apply.

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 212 212 (call charges) for an application form or visit a local branch. Lines open 8am - 8pm, 7 days a week.

Important documents

Please read the important documents below, and save copies of them for future reference.

Product Specific Terms and Conditions & Summary Box (which contains interest rates)

Download Product Specific Terms and Conditions & Summary Box (which contains interest rates) PDF (552KB)

The Co-operative Bank Savings General Terms and Conditions

Download The Co-operative Bank Savings General Terms and Conditions PDF (202KB)

How we use your personal information

Download How we use your personal information PDF (622KB)

Charges for Co-operative Bank Savings Accounts

Download Charges for Co-operative Bank Savings Accounts PDF (731KB)

The Financial Services Compensation Scheme Information Sheet and Exclusion List

Download The Financial Services Compensation Scheme Information Sheet and Exclusion List PDF (3.36MB)

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).