First Saver
Savings account for children
First Saver accounts are available to children aged 16 years and under (or up to 18 years if the account is held in trust) who are residents in Jersey, Guernsey, Gibraltar, or Isle of Man.
On this page
Why choose a First Saver?
What's the interest rate?
How much could I earn?
How do I open an account?
How do I withdraw or transfer money?
Frequently asked questions
Apply for a First Saver account
Why choose a First Saver account?
- Instant access savings account for children
- Help children learn how to manage their money
- Free Pigby piggy bank with every account
- Top up your savings with Rounds Ups
In detail: First Saver
What is the interest rate?
Balance
£1+
Gross p.a. (variable)
2.60%
AER (variable)
2.63%
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. The interest rate is variable, so it could go up or down.
Can NatWest International change the interest rate?
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.
- Personal Banking Account Terms and Fees (PDF, 293 KB)
How much could I earn?
Deposit at account opening
£1,000
Balance after 12 months
£1,026.25
Interest earned
£26.25
This is only an example and does not take into account your individual circ*mstances. 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 a First Saver account for my child?
- The account 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.
- If you’re aged 18 years or over, you can open an account in trust for a child aged up to 18 years.
- All parties must be resident in Jersey, Guernsey, Isle of Man or Gibraltar to apply.
- If you’re resident in Gibraltar, you must be an existing NatWest International customer to open the account.
How do I open an account?
Who can give instructions on the account?
Account held in trust (0-18 years)
In branch, online or by telephone
The adult only
Account held by child (7-16 years)
In branch, online or by telephone (with consent)
The child only
How do I withdraw or transfer money?
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, via 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.
App available to online banking customers aged 11+ with compatible iOS and Android devices and a Channel Islands, Isle of Man, UK or international mobile number inspecific countries.
Download the app
Frequently asked questions
Yes, you can open a First Saver for your grandchild as long as you’re 18+ and opening the account in trust for a child who is under 16 years old. Both you and the child need to reside in Jersey, Guernsey, Isle of Man or Gibraltar to apply. If you’re resident in Gibraltar, you must be an existing NatWest International customer to open the account. The account can be opened and managed online, in branch or by telephone banking.
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, via telephone or on the mobile app).
Account held by child: Children under the age of 11 can only make withdrawals in branch.
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.
When putting money into your newly opened savings account, the three methods of paying into your First Saver account are:
- Electronic transfers
- Cash
- Cheques
You can pay money into your account 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 per day.
Yes, you can manage your First Saver account on the mobile app and you can open a kids account with just a £1 deposit. You should also think about how you can save together. Managing this through an app can be the best way to get your kids involved.
More information on our mobile banking app
Definitions
AER:Stands for Annual Equivalent Rate. It shows you what the rate would be if the interest was paid and compounded each year.
Gross Rate:This means the interest rate you are paid without deduction of income tax.
p.a.:Per annum (per year).
Ready to apply?
Before you apply, we've outlined the eligibility requirements for the account below, along with our terms and conditions to make sure it's the right account for you. If you're happy, we'll run through a few quick questions to make your application as easy as possible.
You can apply for a First Saver if:
- You’re aged 18+ and you're opening the account for a child under 18 or aged 7 to 16 with parent/guardian consent if you're opening the account for yourself.
- You’re a resident in Jersey, Guernsey, Isle of Man or Gibraltar (you must be an existing customer with us if you are resident in Gibraltar).
Please review important information about the account
By clicking continue you’re confirming that you’ve been provided with, and have acknowledged our important documents. By proceeding with your application you also agree that you’ll receive your statements in a paperless format. We'll email you when your statements are ready to view in Online Banking.
How your information might be used
It's important for you to understand how we use and share your information. Please read thisshort summarybefore you continue with your application.
