First Saver
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Overview
Interest Rate
Balance examples
Opening and managing your account
Withdrawing money
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Why choose First Saver?
Free, instant access savings account for children under 16.
Access funds instantly, if you need them.
Hold the account in trust for a child or in the child’s own name if they’re over 7.
Get a free Pigbybank and access to Pigby's Worldof savings tips.
Eligible for Round Ups.
Summary Box
Account name: First Saver
What is the interest rate?
Balance
£1+
AER/Gross p.a. (variable)
0.45%
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 Royal Bank of Scotland change the interest rate?
Yes, this rate is variable. It may be changed for any of the reasons set out in Term 9.2 of theSavings Account Terms (PDF, 281 KB), e.g. 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.Term 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
£1,004.51
Interest earned
£4.51
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 and manage my account?
- All parties must be resident in the UK to apply.
- If you’re aged 18 years or over, you can open an account in trust for a child aged up to 16 years.
- 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.
- You can open and manage your account on our mobile app, online or by telephone.
- To open in branch you must bring your own digital device such as a mobile or tablet and our staff can assist you opening the account yourself.
- There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is nomaximum balance limit.
- You can use Round Ups with First Saver.
How do I open an account?
Who can give instructions on the account?
Account held in trust (0-16 years)
On our mobile app, online or by telephone
The adult only
Account held by child (7-16 years)
On our mobile app, online or by telephone (with consent)
The child only
Can I withdraw money?
Additional information
Definitions
AER:This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross:The interest rate you are paid without the deduction of UK income tax.
p.a.:per annum (per year).
Get ready to apply
Before you start your application we need to check a few things.
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 (PDF, 529 KB)
- Savings Interest Rates including Information Sheet (PDF, 194 KB)
- FSCS Information Sheet and Exclusions List (PDF, 86 KB)
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.
All things Pigby
Free Pigbybank to new First Saver Customers
Open a First Saver account and your child will receive their very own free Pigbybank to help them start saving.
For non-First Saver customers, buy your own Pigbybank for £10 and have it delivered straight to your door.
Pigbybanks are subject to availability and are only suitable for children 3+.
Buy a Pigbybank
Redeem your Pigbybank
Visit Pigby's world
Our First Saver account is designed to teach children how to save and Pigby and his friends are here to make it fun along the way.
Visit Pigby World now to find out more about Pigby and his friends and download our Savings Workbook.
You can also set up your own stall and learn how to save with thePigby's Fairapp.
Go to Pigby World
Financial Services Compensation Scheme
Your eligible deposits with Royal Bank of Scotland are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
Find out more about the scheme and how it protects your money.