Child Savings Account | First Saver | NatWest International

First Saver

Our children's savings account

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First Saver

Opening a savings account is a great first step for children to learn how to be responsible with money.

Our First Saver account is available to children under 16. Accounts can be opened on behalf of a child, or if they are aged over 7, the account can be held in the child’s name with the consent of their parent or guardian.


What is the interest rate?

Balance Annual Equivalent Rate (AER) Gross Rate
£0 + 0.85% 0.85%

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

The interest rate is variable, so it could go up or down.

What would the estimated balance be 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 only 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.

Frequently asked questions

How do I open and manage my account?

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.

  Account held in trust
(0-16 years)
Account held by child
(7-16 years)
How do I open an account? In branch or online
In branch or online
(with consent of your parent or guardian).  
Who can give instructions on
the account?
The adult only.   The child only.

Can I withdraw money?

Yes. No notice is required.

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: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also 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.

Can NatWest International change the interest rate?

Yes, this rate is variable.

It may be changed for any of the reasons set out in Term 10.3 of the Personal Banking Account Terms, 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 the rate is going up, we’ll inform you before the change or shortly afterwards. Term 10.4 also contains details of the notice we’ll give you.


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.

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