Children's Savings

Royal Bank of Scotland First Saver Review

A children's savings account from Royal Bank of Scotland. It ranks 66th of 73 children's savings accounts we track.

Variable rate

1.60%AER

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

Protection

FSCS£120,000

Min balance

£1

Max balance

No limit

Access

Instant

Interest paid

Quarterly

Royal Bank of Scotland is also paying up to £500 to switch your current account.

See the switch offer

How It Stacks Up

Ranks 66th of 73

Children's savings accounts we track

Well below average
This account 1.60%
UK CPI (Aug 2026)
3.10%
Pays 1.50% less
Average children's savings
2.92%
Pays 1.32% less
Best children's savings
5.50%
Pays 3.90% 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

Under 16

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Estimated returns with Royal Bank of Scotland's Children's Savings

What you could earn with Royal Bank of Scotland's First Saver.

Estimated interest

£1,000 saved

£16.00

At 1.6% AER

£5,000 saved

£80.00

At 1.6% AER

£10,000 saved

£160

At 1.6% AER

£50,000 saved

£800

At 1.6% 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 Royal Bank of Scotland First Saver

Jonny PeaseCo-Founder, DepositScout

This account is aimed at children taking their first steps with saving, and it opens with as little as £1, which keeps the barrier low. The rate sits at 1.60%, but with CPI at 3.1% as of Aug 2026, that leaves the child's money losing ground to inflation by 1.50%. I cannot compare it against the broader children's savings market from the data I have, but Metro Bank's Young Savers account pays 1.65%, so there are slightly better options available without much effort. Interest is paid quarterly rather than annually, which is a minor plus for visibility.

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2 alternatives to Royal Bank of Scotland's First Saver

Same type of account, closest on rate.

Common questions about the First Saver

D

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4.20% AER
4.75%
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