A great first step

to help children

learn how to save

Free, instant access savings account for children 16 and under

Open this account with just £1

Access funds instantly, if you need them

Hold the account in trust for a child or in the child’s own name if they’re over 7

Get a free pigbybank and access to Pigby's World of savings tips 

Account name: First Saver

Yes, this rate is variable. It may be changed for any of the reasons set out in Term 9.2 of the Savings Account Terms (PDF, 501 KB), e.g. 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. Term 9.2 (PDF, 501 KB) contains details of the notice we’ll give you.

• 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.

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 any other account based in the UK
• 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. 

Definitions

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: The interest rate you are paid without the deduction of UK income tax.

p.a.: per annum (per year).

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

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.

Find out more about the scheme and how it protects your money.