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, 281 KB).

Let’s say you deposit £1,000 when you open this child savings account and don’t make more deposits.

In this example, the balance after 12 months will be £1,018.53 (£18.53 is the interest earned).

You can do everything in the NatWest app:

• Open the account: apply in the NatWest mobile app. Make sure you’ve got a picture of your child’s ID (passport/birth certificate).
  • Don’t have the app or Online Banking? You can apply in a branch or over the phone.
• Save the money: pop money into this child savings account as little or often as you like. There’s no minimum deposit required to open this account. 
• Use when needed then hand the money over, or convert this account into an adults’ savings account, when they hit 16.

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.

Find your branch.

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

• Annual Equivalent Rate (AER): this shows the annual interest earned if added to your account balance.
• Gross p.a. (Gross Rate per annum): is the yearly interest rate paid before tax is taken off.

Parents and stepparents might need to pay tax if the money they give to a children’s savings account earns more than £100 of interest in a year. However, you shouldn’t have to worry about this limit if you’re a grandparent or family friend. You can find out more information at gov.uk.

Yes, you can open a First Saver for your grandchild as long as you are 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.  

Finding the best kids savings account for your baby or child will depend on what you want. Our First Saver is designed with children in mind. Open with just £1 and you and your child can save together through our banking app. 

Our Adapt account helps take them to the next stage when they’re ready, giving them a debit card so they can learn more about managing money.

Explore our range of child and teen bank accounts

Our Adapt account is available to 11-17 year olds who are UK residents. 11-15s must apply with a parent or guardian who has a NatWest current account.

NatWest First Saver is a payment account. For accounts held in trust, you can withdraw money in branch. Alternatively, you can choose to transfer funds online, by telephone or on the mobile app to any other UK bank account.

Interest rates change from time to time. That means you might need to shop around to find the best rate on a child savings account. However, other factors may be worth exploring too, such as potential withdrawal limits or access restrictions.

A First Saver account is only for people aged 0-15 years. Our NatWest regular savings accounts are also available for those aged 16 or over. Compare your savings account options here.

Aged 16 or 17 and looking to open a bank account? Our Adapt account is a teen and kids bank account with no regular fees.

Our Adapt account is available to 11-17 year olds who are UK residents. 11-15s must apply with a parent or guardian who has a NatWest current account.

Yes, you can easily open a savings account for a baby with NatWest. 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 kid's 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.