Child Savings Account | First Saver | NatWest International

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First Saver

Start saving for their future with our children’s savings account

Apply for a First Saver

You must be aged 18 or over if you're opening the account for a child under 16. You must be aged 7 to 16 (with parental/guardian consent) if you're opening the account for yourself. The account is only available for residents in the Channel Islands, Isle of Man or Gibraltar. If you are resident in Gibraltar you must be an existing NatWest International customer.

Why choose a First Saver account?

Help your child learn how to save with our simple children’s savings account for under 16s.

Accounts can be opened and held in trust by an adult or opened by a child aged 7 and over with the consent of their parent/guardian.

Start their savings journey from as little as £1

Earn interest on balances each month

Instant access to their savings any time

Free Pigby piggy bank with every account

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In Detail: First Saver

What's the interest rate?
Balance Annual Equivalent Rate (AER) Gross Rate
£1 + 0.85% 0.85%

Interest rates are variable and are subject to change.

Interest is calculated daily and paid quarterly on the first business day in January, April, July and October.

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.

How much interest could the account earn after 12 months based on £1,000 deposit?
Initial deposit at account opening Balance after 12 months Interest earned
£1,000 £1,008.53 £8.53

This is an example and does not take into account individual circumstances.

It assumes that no further deposits or withdrawals are made; there is no change to the interest rate; and any interest earned stays in the account.

Eligibility
  • You must be aged 18 or over if you're opening the account for a child under 16
  • You must be aged 7 to 16 (with parental/guardian consent) if you're opening the account for yourself
  • Available for residents in the Channel Islands, Isle of Man or Gibraltar
  • If you are resident in Gibraltar you must already be an existing NatWest International customer
Is there a cost or account fee?

No, it's free to open a First Saver account and you will not be charged any monthly account fees.

Can I open a First Saver account for a baby?

Yes, First Saver accounts can be opened by any person over 18, to be held in trust for a child aged 0-16.

How do I open and manage the account?

Accounts 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. In this instance only the child named on the account may give instructions on the account.
  • If you’re aged 18 years or over, you can open an account in trust for a child aged up to 18 years. For accounts held in trust, only the adult who opened the account may give instructions on the account.
 

Account held in trust (0-16 years)

Account held by child (7-16 years)

How do I open an account?

In branch, online or by telephone banking

In branch, online or by telephone banking (with consent)

Who can give instructions on the account?

The adult only

The child only

Can I withdraw or transfer money?

Yes, 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, by 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.

Definitions

Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate
- This means the interest rate you are paid before the deduction of tax.

Important Information

We want to make sure that you have all the information you need before you open an account with us. So before you do, please take some time to read and save,download or print this information.

Start saving for their future... Ready for the next step?
Apply for a First Saver
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