- Free, instant access kid's savings account for under-16s.
- Interest rate of 2.70%/2.67% AER/Gross p.a. (variable).
We will soon be reducing some of our interest rates, see the changes here.
Apply for a kids savings account
Any Royal Bank current account customer can open a First Saver account as long as you're aged 18 or over, and opening the account in trust for a child who is under 16 years old.
Start saving for a child's future
Build children’s savings in a way that suits you. Pop in £1 to get started. This account offers instant access so you can withdraw cash whenever you need to.
Manage kids' savings at any time
Once opened, you can manage the Royal Bank kids account through our mobile app or online banking.
What is the interest rate?
How do I open and manage my Royal Bank children's savings account?
Everything in order? It’s easy to work with Royal Bank 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 a 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.
What’s involved when managing a First Saver account?
Here are the main things to keep in mind once your Royal Bank 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, (age 16 in Scotland or age 18 elsewhere in the UK), the trust arrangement remains in place until the adult trustee transfers the funds directly to the child.
Can I withdraw money from a child's savings account?
Yes, the adult trustee can withdraw money from this Royal Bank 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
Compare children's accounts
We have multiple accounts for kids and teens to help with managing their money and saving for the future, explore our full range here.