First Saver - children's savings account

First Saver - Children's Savings Account

A great first step to help children learn how to save


Get a free Pigbybank


Make savings fun with Pigby World


Please read the Summary Box below before applying.

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 a free instant access savings account 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:

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  • Start saving from as little as £1
Piggy bank
  • Get a free Pigbybank
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  • Access to Pigby World featuring fun savings tips and tricks
Icon branch, telephony, mobile, online banking
  • Adults can access funds in branch, by telephone, and online. Children will only be able to withdraw in branch

Summary Box

Account name: First Saver Account

1. What is the interest rate?

Balance AER/Gross p.a. (variable)
£1+ 0.85%

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.

2. Can Royal Bank of Scotland change the interest rate?

Yes, these rates are variable. They may be changed for any of the reasons set out in Term 9.2 of the Savings Account Terms (PDF. 432KB), e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down we’ll give you at least 60 days’ notice. If they are going up, we’ll inform you before the change or shortly afterwards. Term 9.2 (PDF. 432KB) also contains details of the notice we’ll give you.

3. What would the estimated balance be after 12 months based on £1,000 deposit?

Initial deposit at account opening Balance after 12 months Interest earned
£1,000 £1,008.53 £8.53

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 the interest rate
  • Any interest earned stays in the account

4. How do I open and manage my account?

  • All parties must be resident in the UK to apply.
  • If you’re aged 18 years or over, you can open an account in trust for a child aged up to 16 years.
  • If you’re aged between 7-16 years, you can open an account in your own name with the consent of your parent or guardian.
  • There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.
  Account held in trust (0-16 years) Account held by child
(7-16 years)
How do I open an account? In branch, online or by telephone In branch, online or by telephone (with consent of your parent or guardian)
Who can give instructions on the account? The adult only The child only

5. Can I withdraw money?

Yes. No notice is required.

  • Account held in trust: you can withdraw money in branch, or transfer funds online, by telephone or on the mobile app to another Royal Bank of Scotland bank account
  • Account held by child: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also register for our telephone and online banking services

There are daily limits on the amount you can transfer from your account online, by telephone or on the mobile app.

The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking

6. Additional information


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.

Open a savings account today

Gross Rate 
The interest rate you are paid without the deduction of income tax.

p.a. Per annum (per year)

Pigby Bank
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
Pigby and friends
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
Looking for something else?

A Junior Stocks and Shares ISA, investing for your children in a tax-efficient way.

You can invest up to £4,260 for this tax year.

Browse Junior ISA
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Your eligible deposits with Royal Bank of Scotland are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here (84 KB PDF) for further information or visit

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