First Saver

Yes, this account’s interest rate is variable (it can change). It could change because of things like the Bank of England changing their rates or other banks changing theirs. If the rate goes down, we’ll tell you at least 60 days before this happens. If it goes up, we’ll let you know before or soon after. You can find more info in section 9.2 of the Savings Account Terms (PDF, 605 KB).

Check if you're eligible to open a First Saver

• You need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.
• Both you and the child need to reside in the UK.
• You need to have a Royal Bank current account.

To open a First Saver you'll need:

• A picture of the child's ID, e.g. their passport or birth certificate.
• To confirm your email address and mobile number.

You can open and manage the account by:

• Using our Mobile app, online or by telephone.
• Opening in branch. You must bring your own digital device such as a mobile or tablet so our staff can assist you in opening the account.

Managing the account:

• There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.
• We can only take instructions from you, the adult trustee, on the account. We cannot take instructions from the child.
• You can use Round Ups with First Saver.
• When funding your newly opened savings account a limit of £99,999 per day applies.  However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.

When the child is 16 years old (if your address is in Scotland), or 18 years old (if your address is elsewhere in the UK) they will be legally entitled to the money in the First Saver account.

At that age, you should make your own arrangements to transfer the account into the child's name so they can access the money.

Yes. No notice is required.

You can withdraw money in branch, or transfer to any other account based in the UK (online, by telephone or on the mobile app).

There are daily limits on the amount you can transfer from your account online, by telephone or on the mobile app.

The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking.

Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.

Compound interest is interest that is earned on interest that’s already been paid.

Gross means the interest rate you are paid on your savings with no compounding.

p.a. per annum (per year).

Tax-free.  We pay all savings interest without the deduction of tax.  You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

Savings Account Rates including Information Sheet (PDF, 106KB)

Savings Account Terms (PDF, 605KB)

FSCS Information Sheet and Exclusions List (PDF, 26KB)

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.