There are some key account restrictions to note
Nationwide Building Society has issued an update on its account policies following an unexpected event at one of its branches. The announcement follows the mutual’s recently announcing bonus payments for millions of members.
Following recent construction work at the Beccles branch in Suffolk, a local pigeon created a nest within the scaffolding that had been put up. The financial institution chose to leave the scaffolding in place until the bird, affectionately named ‘Pidge’, had successfully reared her offspring and departed. The building society confirmed that Pidge and her young have now left.
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.”
Following the visit from their feathered friend, Nationwide has urged its human members to consider building their own nest eggs for their fledglings.
‘Making a real difference’
The organisation 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.” For those looking to create a savings fund for youngsters, Nationwide provides a Children’s Future Saver, alongside a FlexOne Saver for older children.
The Children’s Future Saver offers up to 2.8 per cent interest. One important condition is that deposits are capped at £5,000.
The account must be opened at a Nationwide branch and registered in a sole name. This account enables you to save for a child under 18 for whom you hold parental responsibility.
The child must also live with you for at least part of the time to meet eligibility criteria. Young people aged 11 to 17 can open their own FlexOne Saver along with a FlexOne current account.
The FlexOne Saver offers 5 per cent interest and again, deposits are limited to £5,000. Those aged 11 or 12 must open the account in branch. They will need someone with parental responsibility to accompany them for the application process.
A junior ISA is another viable option for building savings for young people. One key benefit of ISAs is that they are completely tax-free.
You can contribute up to £9,000 per tax year into a junior ISA for your child if they are under the age of 18.
