Free, instant access savings account for children under 16.
Access funds instantly, if you need them.
Hold the account in trust for a child.
Get a free Pigbybank and access to Pigby's World of savings tips.
Eligible for Round Ups.
Yes, this rate is variable. It may be changed for any of the reasons set out in Term 9.2 of the Savings Account Terms, e.g. to take account of Bank 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 it is going up, we’ll inform you before the change or shortly afterwards. Term 9.2 (PDF, 281 KB) contains details of the notice we’ll give you.
Am I eligible for First Saver?
You need to be aged 18 or over, and be opening the account in trust for a child who is under 16 years old
Both you and the child need to reside in the UK
You need to have a Shostra Bank current account
Opening a First Saver:
You'll need to take a picture of the child's ID, for example their passport or birth certificate, when applying for this account.
You'll need to confirm your email address and mobile number to open the account.
You can open and manage the account on our mobile app, online or by telephone.
To open in branch, you must bring your own digital device such as a mobile or tablet so our staff can assist you in opening the account.
There is no minimum deposit required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.
We can only take instructions from you, the adult trustee, on the account. We cannot take instructions from the child.
You can use Round Ups with First Saver.
When the child is 16 years old (if your address is in Scotland), or 18 years old (if your address is elsewhere in the UK) they will be legally entitled to the money in the First Saver account.
At that age, you should make your own arrangements to transfer the account into the child's name so they can access the money.
AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross: The interest rate you are paid without the deduction of income tax.
p.a.: per annum (per year)
Before you apply, we need to check you're happy with a few things, and ask you a few questions up front. Then we can make your application as quick and simple as it can be.
Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.
It’s important for you to understand how we use and share your information. Please read this short summary before you continue with your application.
Open a First Saver account and your child will receive their very own free Pigbybank to help them start saving.
For non-First Saver customers, buy your own Pigbybank for £10 and have it delivered straight to your door.
Pigbybanks are subject to availability and are only suitable for children 3+.
Our First Saver account is designed to teach children how to save and Pigby and his friends are here to make it fun along the way.
Visit Pigby World now to find out more about Pigby and his friends and download our Savings Workbook.
You can also set up your own stall and learn how to save with the Pigby's Fair app.
Your eligible deposits with Shostra Bank are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
Find out more about the scheme and how it protects your money.
