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First Saver

Opening a kids savings account

NatWest savings accounts for kids

Our savings account for parents and carers wanting to support their child's future by kickstarting their savings. Take a look at the key features of our First Saver account to find out if it's the best children's saving account for your family's needs.

  • Free, instant access kids saving account for under-16s.
  • Hold the account in trust for your child, paying money in as you go until they turn 16.
  • Easily managed in the NatWest app, alongside your other accounts.

To apply you must be 18+ 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 and you need to have a NatWest current account. 

How does a child's savings account work?

Apply for a kids savings account

Anyone is able to open a First Saver account as long as you are aged 18 or over, and are opening the account in trust for a child who is under 16 years old.

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Start saving for a kids future

Build the child’s savings in a way that suits you. Pop in just £1 to get started. This account offers instant access so you can withdraw cash whenever you need to.

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Manage a kids savings at any time

Once opened, you can manage the NatWest kids account through our mobile app or online banking.

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Summary Box

Account name: First Saver

What is the interest rate?

Balance

£1+

AER/Gross p.a. (variable)

2.70% / 2.67%
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 NatWest change the interest rate?

Yes, the interest rate on the NatWest First Saver account is variable. It may be changed for any of the reasons set out in terms 9.2 of the Savings account terms. For example, 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. Terms 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

£1,026.97

Interest earned

£26.97
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 NatWest kids savings account?

Everything in order? It’s easy to work with NatWest to set up a bank account for a child. You’ll simply need to:

  • Take a picture of the child’s ID. This could be their passport ,or their UK birth/adoption certificate.
  • Confirm your email address and mobile number.
  • Use our mobile app, website or telephone service (mobile app criteria apply). To open a kids savings account in branch, bring along your own digital device, such as a mobile or tablet. Our staff can then guide you through the process.
  • Remember that there’s no minimum deposit required to open the account. No minimum deposit needs to be made on a regular basis either and there is no maximum balance limit.
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What’s involved when managing a First Saver account?

Here are the main things to keep in mind once your NatWest child account is up and running:

  • We can only take instructions from the adult trustee. We can’t take any instructions from the child.
  • You can use Round Ups  with First Saver.
  • When the child reaches the age they can manage the account themselves, (16 in Scotland, 18 elsewhere in the UK), you should transfer it into their name so they can access the funds.
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Can I withdraw money from a kids savings account?

Yes, the adult trustee can withdraw money from this NatWest kids account without any notice. Just remember that daily limits will apply when making online, telephone or mobile banking withdrawals. You can learn more about these limits online  or by contacting telephone banking.

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Kids savings accounts - FAQs

Useful definitions

Banking can be confusing sometimes. Here's what some of the words we use mean.

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Get ready to apply

Before applying for a kids saving account with NatWest, we need to check you're happy with a few things, and ask you a few questions up front. Then we can make your application as quick and simple as it can be. 

Please review the important legal stuff:

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.

Ready to apply?

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

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Are you over 18?
Remember, to apply for a First Saver account you need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.
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Do you already have a First Saver application in progress?
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Sorry, you can't apply for another First Saver account right now.

Please note as you already have an application in progress you won’t be able to make any new applications for any additional children until your account is opened.

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Do you have Online Banking?
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Great. Let's get your application started

Before you start, lets check:

  • The child is under 16 years old 
  • You both reside in the UK 
  • You have an existing current account with us
  • You have a picture of the child's ID, such as their passport or birth certificate
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Register for Online Banking

You'll need to sign up for Online Banking with us using the below link in order to apply for the First Saver account online. The good news is that it normally just takes 5 minutes. 

What you'll need

You'll need your sort code and account number, and your NatWest debit card if you have one. 

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Sorry, you need to be aged 18 or over to open a First Saver.

To open a First Saver account you need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old.

We do have other savings products that may suit your needs.

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Compare kids savings accounts

Junior ISA

Invest little and often to gradually build towards your child’s future. Choose from five ready-made funds to get your Junior ISA started – all managed by Coutts investment managers.

The NatWest Invest Junior ISA is a Stocks & Shares ISA. The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply.

Find out more about our Junior ISA Open in new window

Other kids accounts

Not sure which type of savings account is right? From ISAs to instant access accounts, we’ll provide all the info upfront to help you make the best decision for your family.

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Compare kids accounts Open in new window

Want to reach your savings goals quicker?

How to start saving

Ready to start saving and take control of your financial future? Check out our guide to discover the benefits of using a savings account, how to save regularly, and how your savings can earn you interest.

Check out our guide to saving

Work towards your savings goals today

Got specific financial goals but don't know where to start? We're here to help. Discover the best strategies for saving towards your goals, and get tips for staying motivated along the way. Plus, explore tools and resources that could help track your progress and achieve your savings goals faster. 

Learn how to set financial goals

Discover our savings accounts

Stash the cash for your future with one of our many savings accounts. Whether you're saving for the long term, or for a certain goal, we could have an account for you. 

Take a peek at our savings accounts