First Saver

Yes, this account’s interest rate is variable (it can change). It could change because of things like the Bank of England changing their rates or other banks changing theirs. If the rate goes down, we’ll tell you at least 60 days before this happens. If it goes up, we’ll let you know before or soon after. You can find more info in section 9.2 of the Savings Account Terms (PDF, 605 KB).

Check if you're eligible to open a First Saver

• You need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.
• Both you and the child need to reside in the UK.
• You need to have a NatWest current account.

To open a First Saver you'll need:

• A picture of the child's ID, e.g. their passport or birth certificate.
• To confirm your email address and mobile number.

You can open and manage the account by:

• Using our Mobile app, online or by telephone.
• Opening in branch. You must bring your own digital device such as a mobile or tablet so our staff can assist you in opening the account.

Managing the account:

• 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.
• We can only take instructions from you, the adult trustee, on the account. We cannot take instructions from the child.
• You can use Round Ups with First Saver. Eligibility criteria and conditions apply.
• When funding your newly opened savings account a limit of £99,999 per day applies.  However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.

When the child is 16 years old (if your address is in Scotland), or 18 years old (if your address is elsewhere in the UK) they will be legally entitled to the money in the First Saver account.

At that age, you should make your own arrangements to transfer the account into the child's name so they can access the money.

NatWest First Saver is a payment account held in trust.

This means you can withdraw money in a branch. You can also transfer money online, by telephone or on the mobile app into your current account to withdraw.

Definitions 

Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.

Compound interest is interest that is earned on interest that’s already been paid.

Gross means the interest rate you are paid on your savings with no compounding.

p.a. per annum (per year).

Tax-free.  We pay all savings interest without the deduction of tax.  You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

For new customers:

• You’re automatically entered in the prize draw if you apply for a NatWest First Saver in trust for a child under 16 between 29^th June 2026 and 23:59 hours on 17^th August 2026 and successfully open the account following ID checks by 23:59 31^st August 2026.

For existing First Saver customers:

• If you already held a NatWest First Saver prior to 29th June 2026 you can enter by emailing firstsaver@natwest.com with your full name, current account sort code and account number for one entry per person into the relevant First Saver Prize Draw. 

• Winners will be notified by email within 30 days of 17th August. 
• The email will go to the address registered for the parent.
• You will be invited to exchange your reward code for an eGift or Gift Card from a wide range of high street retailers.
• You will have 60 days to redeem your reward code. 

Feel free to opt out of the prize draw anytime until 31st August. Just email firstsaver@natwest.com with your name, sort code, and account number. It won’t affect your First Saver account usage.