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First Saver
Opening a children's savings account
Royal Bank savings accounts for kids
Our savings account for parents and carers wanting to support their child's future by kickstarting their savings. Take a look at the key features of our First Saver account to find out if it's the best children's saving account for your family's needs.
- Free, instant access kids saving account for under-16s.
- Hold the account in trust for your child, paying money in as you go until they turn 16.
- Easily managed in the Royal Bank app, alongside your other accounts.
To apply you must be 18+ 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 and you need to have a Royal Bank of Scotland current account.
Apply for a kids savings account
Anyone is able to open a First Saver account as long as you are aged 18 or over, and are opening the account in trust for a child who is under 16 years old.
Start saving for a child's future
Build a children’s savings in a way that suits you. Pop in just £1 to get started. This account offers instant access so you can withdraw cash whenever you need to.
Manage a child’s savings at any time
Once opened, you can manage the Royal Bank kids account through our mobile app or online banking.
What is the interest rate?
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.
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.
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.
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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, (16 in Scotland, 18 elsewhere in the UK), you should transfer it into their name so they can access the funds.
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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.
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Junior ISA
Invest little and often to gradually build towards your child’s future. Choose from five ready-made funds to get your Junior ISA started – all managed by Coutts investment managers.
The Royal Bank Invest Junior ISA is a Stocks & Shares ISA. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply.
Other kids accounts
Not sure which type of savings account is right? From ISAs to instant access accounts, we’ll provide all the info upfront to help you make the best decision for your family.
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