We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
RBS child account review: Revolve and First Saver
Whether you’re looking for a bank account or a savings account for your child, RBS’s offerings could be a good first step.
No reviews yet.
Write a review
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.
Children’s bank accounts from RBS
1 - 1 of 1
What types of child accounts does RBS offer?
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 doesn’t have a prepaid card, but it does offer 2 types of children’s accounts:
- The first is a kids’ bank account called Revolve which is for those aged between 11 and 17 years old.
- The second is a savings account called First Saver which is for those aged 0 to 16.
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 2.27% AER on all balances.
First Saver is an instant access savings account, which means users can access their money whenever they need it. It also comes with a free Pigbybank and access to Pigby’s savings tips to encourage your child to save money.
The account can be opened from as little as £1 and the interest paid is 2.27% AER. The account can be managed online, by phone or via the RBS mobile app.
How to open a child account with RBS
The RBS Revolve account can be opened online by those aged 11 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.
How much does opening a child account with RBS cost?
There are no fees to open either the RBS Revolve account or the RBS First Saver account.
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 £85,000 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 both 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
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. Both pay interest (albeit at low levels) and both charge no 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.
Frequently asked questions
More guides on Finder
-
8 apps to help you navigate the rising cost of living
Managing your money on a daily basis can be tricky when the cost of living is high, so here are 8 apps to help you balance your budget.
-
Monzo introduces investments feature
Monzo has launched a share trading feature. Customers will be able to invest from £1, via 3 ready-made options. Here’s how it works.
-
How to buy Ripple shares when it goes public
Everything we know about the Ripple IPO, plus information on how to buy shares.
-
Weekly share tips: Why Lennar is one to watch
Why George Sweeney believes Lennar is one to watch. This week’s share tip. Not financial advice or a recommendation.
-
Monzo adds new feature to help spot scams
Monzo has added a call status feature to its app to help customers spot impersonator scams – find out how it works.
-
Best dividend stocks
We’ve put together a list of the best dividend stocks of recent times, in terms of performance, income generation and popularity.
-
How to budget as a student: 6 steps
Off to university? Here’s some top tips from our banking expert to help you budget as a first time student.
-
Pension pain: The average pension pot of retirees in the UK holds just a quarter of the recommended amount
New research reveals how much the average pension pot in the UK holds, and how many Brits don’t have a pension at all.
-
Landlords have lost over £4000 in earnings per property in the past year
New research shows yearly returns on the average buy-to-let property in the UK are over £4000 lower than they were in 2022
-
Crypto Travel Rule comes into force in the UK
The new crypto Travel Rule came into force on 1 September 2023 – find out what it is and what it could mean for you.