Nationwide issues statement over £5,000 limit that applies to savers | Personal Finance | Finance
Nationwide Building Society has clarified its account rules after an unusual incident at one of its branches. The update comes after the mutual recently announced a round of bonus payments for millions of customers.
After some recent building works at the Beccles branch in Suffolk, a local pigeon built a nest among the scaffolding that had been erected. The savings provider decided to keep the scaffolding up until the wild bird, who they affectionately dubbed ‘Pidge’, had raised her young and flown the nest.
The provider said that Pidge and her young family have now moved on. A spokesperson said: “Pidge and her chicks have now flown the nest. Our branch team and customers have really enjoyed having them around and we’re proud Pidge chose our Beccles branch as a base for her first time flyers.”
In light of their winged visitor, Nationwide has encouraged their human customers to think about building their nest eggs for the next generation. The group said: “Pidge has provided a great reminder that when it comes to helping our children prepare for the future, small steps can make a real difference.
“Our children’s accounts are designed to provide choice and flexibility in how young people save and access their money with options available both for children and for parents or guardians to manage on their behalf. Whether it’s putting funds aside for education, a first car or helping young people when it’s their time to fly the nest, it’s all about supporting families to build a nest egg for the future.”
If you want to build a savings pot for your young ones, Nationwide offers a Children’s Future Saver, as well as FlexOne Saver for older children.
With the Children’s Future Saver, you can get up to 2.8 per cent interest. One rule to note here is that you can only pay in up to £5,000 into the account. You can only open the account at a Nationwide branch and in a sole name.
You can use this account to save for a child under the age of 18 for whom you have parental responsibility. They will also need to live with you at least some of the time for you to qualify.
Children aged 11 to 17 can open their own FlexOne Saver as well as a FlexOne current account. The FlexOne saver pays 5 per cent and once again, you can pay in up to £5,000.
If you are aged 11 or 12, you will need to open the account in branch and you will need to have someone with parental responsibility with you when you apply.
Another option to build savings for youngsters is with a junior ISA. An advantage of ISAs is these accounts are entirely tax-free. You can deposit up to £9,000 each tax year into a junior ISA for your child.
