Children's Savings

Cambridge Building Society First Account Review

A children's savings account from Cambridge Building Society. It ranks 43rd of 73 children's savings accounts we track.

Variable rate

2.70%AER

Account type
Easy access
Maximum age
20
Rate checked Oct 2026Got this account? Leave a review

Protection

FSCS£120,000

Min balance

£1

Max balance

£50,000

Access

Instant

Interest paid

Yearly

How It Stacks Up

Ranks 43rd of 73

Children's savings accounts we track

Below average
This account 2.70%
UK CPI (Aug 2026)
3.10%
Pays 0.40% less
Average children's savings
2.92%
Pays 0.22% less
Best children's savings
5.50%
Pays 2.80% less

Inflation: ONS. Averages and best rates: accounts on DepositScout.

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A Good Fit For

  • Pro: New and existing savers
  • Pro: Savers who want instant access

Worth Weighing Up

  • Con: The rate is variable, so it can go down

Good to Know

To open this account, the adult will need one proof of identity (e.g. passport or driving licence) and one proof of address (e.g. a utility bill), and the child will need their own proof of identity, such as a birth certificate.

Please verify all details with the provider – see our Disclaimer

See all Cambridge Building Society accounts

Estimated returns with Cambridge Building Society's Children's Savings

What you could earn with Cambridge Building Society's First Account.

Estimated interest

£1,000 saved

£27.00

At 2.7% AER

£5,000 saved

£135

At 2.7% AER

£10,000 saved

£270

At 2.7% AER

£50,000 saved

£1,350

At 2.7% AER

Estimated over one year, if the rate stays the same and interest is left in. Amounts outside the account's minimum or maximum aren't shown.

Work out the tax on your interestSee how much of this interest could be taxed.

Our Expert Opinion on Cambridge Building Society First Account

Jonny PeaseCo-Founder, DepositScout

The Cambridge Building Society First Account pays 2.70% and is aimed at younger savers, with instant access and a low opening balance of just £1. The main practical limit is that withdrawals are capped at twice a month, and cash withdrawals are restricted to £100 unless the account holder is 18 or over. At 2.70%, the rate sits 0.40% below CPI inflation of 3.1% as of Aug 2026, so money here is losing real value in purchasing power terms. TSB, Monzo, and Harpenden Building Society all offer children's instant access accounts at 2.75%, so I would compare those before committing.

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2 alternatives to Cambridge Building Society's First Account

Same type of account, closest on rate.

Common questions about the First Account

D

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Easy Access rate just dropped

A top provider just cut their rate. Here's what you need to know about the latest market shift.

Nationwide FlexSaver Rate Down
4.20% AER
4.75%
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