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First Saver

A great first step
to help children
learn how to save

Overview
Interest Rate
Balance examples
Opening and managing your account
Withdrawing money
See our full range of savings accounts
Apply now

Why choose First Saver?

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 

Summary Box

Account name: First Saver

What is the interest rate?

Balance

£1+

AER/Gross p.a. (variable)

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.

Can Royal Bank of Scotland change the interest rate?

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, 281 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, 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?

Initial deposit at account opening

£1,000

Balance after 12 months

£1,008.53

Interest earned

£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 interest rate; and any interest earned stays in the account.

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.

How do I open an account?
Who can give instructions on the account?

Account held in trust (0-16 years)

In branch, online or by telephone
The adult only

Account held by child (7-16 years)

In branch, online or by telephone (with consent)
The child only

Can I withdraw money?

Additional Information

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).

Ready to apply?

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

Are you...

Please review the important legal stuff:

If you’re aged 7-15 and opening a First Saver in your own name, please make sure both you and your parent or guardian read and agree to the Terms. 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.

Are you ready to continue?

Great. Let's get your application started.

 
Remember:
  • 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.
  • To enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Do you use Digital Banking?

Please review the important legal stuff:

If you’re aged 7-15 and opening a First Saver in your own name, please make sure both you and your parent or guardian read and agree to the Terms. 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.

Are you ready to continue?

Great. Let's get your application started.

Remember:

  • 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.
  • To enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Please review the important legal stuff:

If you’re aged 7-15 and opening a First Saver in your own name, please make sure both you and your parent or guardian read and agree to the Terms. 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.

Are you ready to continue?

Great. Let's get your application started.

Remember:

  • 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.
  • To enter your mobile number and email address when you apply and we could identify you safely and quickly online.

All things Pigby

Free Pigbybank to new First Saver Customers

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

For non-First Saver customers, buy your own Pigbybank for £10 and have it delivered straight to your door.

Pigbybanks are subject to availability and are only suitable for children 3+.

Buy a piggybank

Redeem your piggybank

Visit Pigby's 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, download our Savings Workbook and play Pigby's Tales - our latest interactive adventure for Pigby.

You can also set up your own stall and learn how to save with the Pigby's Fair app.

Go to Pigby World

Financial Services Compensation Scheme

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.

Something else we can help you with?

Support centre

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