First Saver

Introducing our new First Saver Account

Opening a 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:

  • Start saving from as little as £1
  • Free Pigbybank
  • Access to Pigby’s saving zone featuring fun savings tips and tricks
  • Adults can access funds in branch, by telephone, and online. Children will only be able to withdraw in branch.
  • Most children can get the interest paid tax-free on a First Saver account. Just complete an R85 form
Ways to apply



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.


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 income tax.

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

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


First Saver

Helping to get children into the savings habit

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

Pigby saves his pennies in his Pigbybank - open a First Saver today and you’ll get a free Pigbybank to help get them saving too.


Pigbybanks are subject to availability.

First Saver

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.

Pigbybanks are suitable for Children 3+ and are strictly limited to one per account and are only available to new First Savers based in the UK.

Ways to apply

First Saver

Meet Pigby & Friends

We’d all like our children to be good with money and get into the savings habit from an early age. That’s why our new First Saver account is designed to help children save and Pigby and friends are here to make it fun along the way.







Pigby & Friends

First Saver

Pigby & Friends video

Watch the video

Pigbybanks are subject to availability.

First Saver

Existing Customers

If you have successfully opened the First Saver account, you can redeem your pigbybank here.

Redeem here

First Saver

Order your Pigbybank here

Don't miss out on the fun and order me, in the shape of a shiny new Pigbybank, for £10. It only takes a few simple steps to get a Pigbybank delivered to your door. If you're a child, please ask an adult to help you.

You can only buy a Pigbybank if you live in the UK and if you're an adult.  The Pigbybank is suitable for children 3+ years and is subject to availability.

Buy now

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 click here (650K PDF) for further information or visit

Get in touch

What's next?

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