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First Saver

Open a children's savings account

  • Free, instant access baby and kids savings account held in trust.
  • Interest rate of 2.35% / 2.33% AER/Gross p.a. (variable)
  • Easily managed in the Royal Bank app, alongside your other accounts. 

To open a First Saver account you must be 18+ and opening the account in trust for a child under 16. Both you and the child need to reside in the UK, and you need to have a Royal Bank current account. Interest is calculated daily and paid quarterly on the first business day in January, April, July and October and at account closure.

We will soon be reducing some of our interest rates, see the changes here.

How does a child and baby account work?

Whether they're a baby or child learning about savings, Royal Bank's First Saver account for parents and carers offers features at each stage of their savings journey. Take a look at the key features to find out if it's the best baby and children's saving account for your family's needs.

Apply for a kid's savings account

Any Royal Bank current account customer can open a First Saver account as long as you're aged 18 or over, and opening the account in trust for a baby or child aged 0 to 15 years old.

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Start saving for a baby's future

Build children’s savings in a way that suits you. Pop in £1 to get started. This account offers instant access so you can withdraw cash whenever you need to.

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Manage baby and kids' savings at any time

Once opened, you can manage the Royal Bank baby and kid's savings account through our mobile app or online banking.

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Summary Box

Account name: First Saver

What is the interest rate?

Balance

£1+

AER/Gross p.a. (variable)

2.35% / 2.33%
Interest is calculated daily and paid quarterly on the first business day in January, April, July and October and at account closure. You’ll be able to see and access the interest in your account on the following day.

Can Royal Bank change the interest rate?

Yes, these rates are variable. If the rates are going down and your balance is £100 or more, we'll give you at least 14 days' notice. If the rates are going down and your balance is less than £100, we'll inform you before the change or shortly afterwards. If the rates are going up, we'll inform you before the change or shortly afterwards. For more information please see the Savings Account Terms (PDF, 281 KB).

What would the estimated balance be after 12 months based on a range of deposits?

Initial deposit at account opening

£1,000

Balance after 12 months

£1,023.50

Interest earned

£23.50
This is only an example and does not take into account your individual circumstances. It assumes that no further deposits or withdrawals are made; there is no change to interest rate; and any interest earned stays in the account.

Definitions

Banking can be confusing sometimes. Here's what some of the words we use mean.

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How do I open and manage my Royal Bank children's savings account?

Everything in order? It’s easy to work with Royal Bank to set up a bank account for a child. You’ll simply need to:

  • Take a picture of the child’s ID. This could be their passport, or a UK birth/adoption certificate.
  • Confirm your email address and mobile number.
  • Use our mobile app, website or telephone service (mobile app criteria apply). To open a kids savings account in branch, bring along your own digital device, such as a mobile or tablet. Our staff can then guide you through the process.
  • Remember that there’s no minimum deposit required to open the account. No minimum deposit needs to be made on a regular basis either and there is no maximum balance limit.
Information Message

What’s involved when managing a First Saver account?

Here are the main things to keep in mind once your Royal Bank child account is up and running:

  • We can only take instructions from the adult trustee. We can’t take any instructions from the child.
  • You can use Round Ups  with First Saver.
  • When the child reaches the age they can manage the account themselves, (age 16 in Scotland or age 18 elsewhere in the UK), the trust arrangement remains in place until the adult trustee transfers the funds directly to the child. 
Information Message

Can I withdraw money from a child's savings account?

Yes, the adult trustee can withdraw money from this Royal Bank children’s account without any notice. Just remember that daily limits will apply when making online, telephone or mobile banking withdrawals. You can learn more about these limits online  or by contacting telephone banking.

Information Message

Get ready to apply

Before applying for a kid's saving account with Royal Bank, we need to check you're happy with a few things, and ask you a few questions up front. Then we can make your application as quick and simple as it can be. 

Please review the important legal stuff:

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

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.

Ready to apply?

Before you start your application we need to check a few things. 

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Are you over 18?
Remember, to apply for a First Saver account you need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.
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Do you already have a First Saver application in progress?
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Sorry, you can't apply for another First Saver account right now.

Please note, as you already have an application in progress you won’t be able to make any new applications for any additional children until your account is opened.

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Do you have our Royal Bank app on a mobile device?
If you're registered for our app on a mobile device, we can pre-fill some of your info, making the application process faster.
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Great, let's get your application started.

Before you start, lets check:

  • The child is under 16 years old. 
  • You both reside in the UK.
  • You have an existing current account with us.
  • You have a picture of the child's ID, such as their passport or birth certificate.

Using a desktop or have the app on another device?

Simply scan the QR code with your mobile or tablet device that has the Royal Bank app and we'll get you started.  

Can't scan the QR code?

Using your mobile or tablet device now?

If you're already using a device with the Royal Bank app, select the 'Start your application' button below.

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Do you use Digital Banking?
If you log in to Digital Banking we can pre-fill some of the application for you.
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Log in to Digital Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Digital Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.

Before you start, lets check:

  • The child is under 16 years old. 
  • You both reside in the UK. 
  • You have an existing current account with us.
  • You have a picture of the child's ID, such as their passport or birth certificate.
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Log in now

Let’s get you registered for Digital Banking

You’ll need to sign up for Digital Banking with us in order to apply for a savings account. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your Royal Bank Debit Card, if you have one.

Once you’ve registered, select ‘Next’ to log in and apply for a First Saver account. 

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Log in to Digital Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Digital Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.
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Sorry, you need to be aged 18 or over to open a First Saver.

To open a First Saver account you need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.

We do have other savings products that may suit your needs.

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Kids savings accounts - FAQs

Compare children's accounts

We have multiple accounts for kids and teens to help with managing their money and saving for the future, explore our full range here.