Opening a bank account or savings account for your child can be a great way to help them understand more about money and get them into the savings habit from a young age. Here, we take a look at what RBS has to offer youngsters and teens.
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When looking at child account options, you’ll need to consider whether you want a bank account or prepaid card for day-to-day spending, or a savings account for putting money aside for a rainy day.
RBS customers can get free access to the NatWest Rooster Money pocket money app and prepaid card. Or RBS itself offers 3 types of children’s accounts:
The first is a kids’ bank account called Revolve which is for those aged between 11 Years and 17 Years.
The second is a savings account called First Saver which is for those aged 0 to 16.
The third is a Junior ISA, which your child can’t access until they turn 18. This is a tax-free savings account.
Revolve comes with a contactless Visa debit card, allowing users to make purchases in shops and online as well as withdraw cash, a mobile banking app to manage the account, and 24/7 banking. What’s more, the account pays interest of 2.25% AER on all balances.
First Saver is an instant access savings account, which means users can access their money whenever they need it.
The account can be opened from as little as £1 and the interest paid is 2.25% AER. The account can be managed online, by phone or via the RBS mobile app.
The Junior ISA can be opened with just £50 and you can invest up to £9,000 each tax year. Note that this is a stocks and shares Junior ISA and your child can’t access the account until their 18th birthday.
How to open a child account with RBS
The RBS Revolve account can be opened online by those aged 16 to 17. However, if your child is between the ages of 11 and 15, they will need a parent or guardian with them to open the account. The parent/guardian will also need to hold their own current account with RBS. Those aged 16 and over can open the account themselves.
The First Saver account can be opened online, by phone or via the app. If you want to open an account in branch, you’ll need to bring a mobile phone or tablet with you so that staff can show you how to open it online.
A parent or guardian will need to hold the First Saver account in trust for children up to the age of 7 (or up to the age of 16 if preferred). Children aged between 7 and 16 can open an account in their own name with the consent of a parent/guardian.
To open a Junior ISA, you must have parental responsibility for a child aged 13 or under and you must open the account in the child’s name. The account can be opened with Online Banking so you must already be an RBS customer.
How much does opening a child account with RBS cost?
There are no fees to open either the RBS Revolve account or the savings accounts.
However, if your child uses their Revolve debit card to spend or withdraw cash abroad, they will be charged a foreign transaction fee of 2.75%.
Is opening a child account with RBS safe?
Yes, RBS is a fully licensed bank which means it is regulated by the Financial Conduct Authority and deposits up to £120,000 are protected by the Financial Services Compensation Scheme (FSCS).
Pros and cons of using RBS for a child account
Pros
No monthly fees
Interest payable on accounts
Accounts can be managed online, via the app or over the phone
Savings account can be opened for babies
FSCS protection
Cons
Interest rates are low
Accounts cannot be opened in branch directly (you’ll still need to go online)
Those aged 11-15 opening the Revolve account will need their parent/guardian to have a current account
Customer service information for RBS
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
If you’re looking to encourage your child to get better at managing their own money, the RBS child accounts could be a good starting point. The Revolve and First Saver accounts pay interest (albeit at low levels) and none of the RBS accounts charge monthly fees. Just remember that if you want your child to open a Revolve account and they are aged between 11 and 15, you’ll need to have your own current account with the bank. You must also be an RBS customer to open a Junior ISA – and remember that as this is a stocks and shares ISA, you could get back less than you paid in.
Frequently asked questions
Yes, both the Revolve and First Saver accounts come with variable interest rates which mean the rate could go up or down at any point.
If your child has a Revolve account, they can withdraw money at a cash point using their debit card.
If your child has a First Saver account and it is held in trust, you can withdraw money in branch, or transfer funds online, by phone or via the app to any other UK bank account. If the account is held by your child, they can only make withdrawals in branch. If they are aged 11 years or over, they can register for telephone and online banking services.
Junior ISAs can only be accessed by the child once they turn 18.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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GoHenry gives financial independence to children and full control to parents. We look at how it works and what features it has to see if it’s worth the fee.
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