First Saver

Opening a children's savings account

Royal Bank savings accounts for kids

Whether you’re wanting to prepare  young kids for the future or a teen aiming to learn more about money management, Royal Bank First Saver could help. Take a look at these key features to work out if it’s the best child’s saving account for your family:

  • Get a free, instant access saving account for kids, from birth until they're 16.
  • Hold the account in trust for a child, paying money in as you go until they turn 16.
  • Get a free Pigbybank and access to Pigby’s World of saving tips. Pigbybanks are subject to availability and are only suitable for children 3+.

How does a child's savings account work?

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.

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Account name: First Saver

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.

Can Royal Bank change the interest rate?

Yes, the interest rate on the Royal Bank First Saver account is variable. It may be changed for any of the reasons set out in terms 9.2 of the Savings account terms. For example, to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rate is going down, we’ll give you at least 60 days’ notice. If it is going up, we’ll inform you before the change or shortly afterwards. Terms 9.2 (PDF, 281 KB) contains details of the notice we’ll give you.

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

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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Kids savings accounts - FAQs

Useful definitions

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

Get ready to apply

Before applying for a children’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.

Ready to apply?

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

Do you have Digital Banking?

Great. Let's get your application started

Before you start, lets check:

  • You're 18 or over
  • 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

Register for Digital Banking

You'll need to sign up for Digital Banking with us using the below link in order to apply for the First Saver account online. The good news is that it normally just takes 5 minutes. 

What you'll need

You'll need your sort code and account number, and your Royal Bank  of Scotland debit card if you have one. 

Compare children's savings accounts

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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