First Saver
Start saving for their future with our children’s savings account
Apply for a First SaverYou must be aged 18 or over if you're opening the account for a child under 16. You must be aged 7 to 16 (with parental/guardian consent) if you're opening the account for yourself. The account is only available for residents in the Channel Islands, Isle of Man or Gibraltar. If you are resident in Gibraltar you must be an existing NatWest International customer.
Help your child learn how to save with our simple children’s savings account for under 16s.
Accounts can be opened and held in trust by an adult or opened by a child aged 7 and over with the consent of their parent/guardian.
TickStart their savings journey from as little as £1
TickEarn interest on balances each month
TickInstant access to their savings any time
TickFree Pigby piggy bank with every account
In Detail: First Saver
| Balance | Annual Equivalent Rate (AER) | Gross Rate |
|---|---|---|
| £1 + | 0.85% | 0.85% |
Interest rates are variable and are subject to change.
Interest is calculated daily and paid quarterly on the first business day in January, April, July and October.
Yes, the interest rate is variable.
The rate may increase or decrease for any of the reasons set out in Term 10.3 of the Personal Banking Account Terms and Fees to account for the Bank of England's 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 10.4 of the Personal Banking Account Terms and Fees contain details of the notice we'll give you.
| Initial deposit at account opening | Balance after 12 months | Interest earned |
| £1,000 | £1,008.53 | £8.53 |
This is an example and does not take into account individual circumstances.
It assumes that no further deposits or withdrawals are made; there is no change to the interest rate; and any interest earned stays in the account.
- You must be aged 18 or over if you're opening the account for a child under 16
- You must be aged 7 to 16 (with parental/guardian consent) if you're opening the account for yourself
- Available for residents in the Channel Islands, Isle of Man or Gibraltar
- If you are resident in Gibraltar you must already be an existing NatWest International customer
No, it's free to open a First Saver account and you will not be charged any monthly account fees.
Yes, First Saver accounts can be opened by any person over 18, to be held in trust for a child aged 0-16.
Accounts can be opened and managed online, in branch or by telephone banking.
- 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. In this instance only the child named on the account may give instructions on the account.
- If you’re aged 18 years or over, you can open an account in trust for a child aged up to 18 years. For accounts held in trust, only the adult who opened the account may give instructions on the account.
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 banking |
In branch, online or by telephone banking (with consent) |
Who can give instructions on the account? |
The adult only |
The child only |
Yes, this is an instant access savings account meaning that you can withdraw or transfer the money at any time.
Account held in trust: you can withdraw money in branch, or transfer to any other account based in the UK, Channel Islands, Isle of Man or Gibraltar (online, by telephone or on the mobile app).
Account held by child: children under the age of 11 can only make withdrawals in branch.
Once they turn 11 years of age they may 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 mobile banking. You can find out the current daily limits by calling telephone banking or asking in branch.
Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. 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 tax.
We want to make sure that you have all the information you need before you open an account with us. So before you do, please take some time to read and save,download or print this information.