First Saver

Opening a children's savings account

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Overview

Interest rate

Balance examples

Opening and managing your account

Withdrawing money

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NatWest savings accounts for kids

Whether you’re a parent wanting to prepare your young kids for the future or a teen aiming to learn more about money management, NatWest First Saver could help. Take a look at these key features to work out if it’s the best child’s saving account for your family:

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.
Get a free Pigbybank and access to Pigby’s World of saving tips. Pigbybanks are subject to availability and are only suitable for children 3+.

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

The child must be under 16 and you’ll need to have parental responsibility.

Start saving for your child's future

Build your children’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.

Manage your child’s savings at any time

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

What do you need to open a children's savings account?

Are children's savings accounts tax free?

What is Pigby and friends?

Why's a children's savings account written in trust?

Summary Box

Account name: First Saver

What is the interest rate?

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?

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 children's 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 birth certificate, for example. Check the full list .
Confirm your email address and mobile number.
Use our mobile app, website or telephone service. 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.

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 your 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.

Can I withdraw money from my child's savings account?

Yes, the adult trustee can withdraw money from this NatWest children’s 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.

Kids savings accounts - FAQs

Can I open a savings account for my grandchild?

How do I withdraw money from my First Saver account?

Is this the best rate for children's savings accounts?

Useful definitions

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

Annual Equivalent Rate (AER)

Gross Rate

p.a.

Get ready to apply

Before applying for a children’s 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.

Savings account terms (45 pages)

Savings account rates including Information Sheet (28 pages)

FSCS Information Sheet and Exclusions List (2 pages)

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.

Continue

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.

Yes

Do you already have a First Saver application in progress?

Yes

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.

Compare our Range

Do you have Online Banking?

Yes

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

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.

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.