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First Saver - Our Children's Savings Account

Apply Online Other Ways to Apply Download Pigby's Fair app

Our Children's Saving Account

Opening a children's savings account is a great first step for children to learn how to be responsible with money.

Our First Saver account is available to children under 16. Accounts can be opened on behalf of a child or in their own name if aged over 7 (and with consent of a parent or guardian). If the account is held by an adult in trust for a child, the child will become entitled to the funds when they reach age 16 if your address is in Scotland, or 18 if your address is elsewhere.

First Saver benefits:

RBS-Coin

Start saving from as little as £1

RBS-Pigby-Bank

Get a free Pigbybank

RBS-Savings-Zone

Access to Pigby World featuring fun savings tips and tricks

RBS-Access-Funds

Adults can access funds in branch, by telephone, and online. Children will only be able to withdraw in branch

RBS-R85

Adults can access funds in branch, by telephone, and online. Children will only be able to withdraw in branch

 

Balance

AER (variable)

Gross % p.a. (variable)

Net Rate % p.a.

£1 - £24,999 1.00% 1.00% 0.80%
£25,000 + 0.50% 0.50% 0.40%

Interest paid quarterly. 
Last updated on: 25 November 2013.

 

Ways to apply

What you should know

Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate. This means the interest rate you are paid before the deduction of basic rate income tax.

Net Rate. This means the interest rate you are paid after the deduction of basic rate income tax.

Tax Free interest means that interest payable is exempt from UK income tax

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First Saver

Visit Pigby World

Our First Saver account is designed to teach children how to save and Pigby and his friends are here to make it fun along the way.

Visit Pigby World to find out more about Pigby and his friends, watch videos on the making of Pigby's Fair App, download our Savings Workbook and play Pigby's Tales our latest interactive adventure for Pigby.

 

Visit Pigby World
rbs-pigbybank

Free Pigbybank to new First Saver customers

Open a First Saver account and your child will receive their very own free Pigbybank to help get them saving!

When the account is opened you’ll be sent a First Saver welcome pack that will contain your child’s Pigbybank code – you just need to enter this on the Welcome Website to request your child’s Pigbybank.  The free Pigbybank offer is strictly limited to one per account and only available to new First Savers based in the UK.

For non-First Saver customers, don’t miss out on the fun! Buy your own Pigbybank for £10 and have it delivered straight to your door. If you're a child, please ask an adult to help you.

Pigbybanks are suitable for Children 3+.

Redeem your Pigbybank Buy a Pigbybank

Important Information

Please read before you apply

These handy documents contain everything you need to know about our First Saver. 

Helpful banking

Protecting your money

Your eligible deposits with RBS are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. This limit is applied to the total of any deposits you have with the following: The Royal Bank of Scotland, Direct Line, the One Account, Child & Co, Drummonds and Holt's. Any total deposits you hold above the £85,000 limit between these brands are unlikely to be covered.

Please note that the cover under the FSCS will reduce to £75,000 from 1 January 2016. Please click here for further information or visit www.fscs.org.uk.

Get in touch

What's next?

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