Opening a children's savings account

  • Free, instant access kid's savings account for under-16s.
  • Interest rate of 2.70% AER/Gross p.a. (variable).

To open a urfirst account you must be 18+ and opening the account in trust for a child under 16. Both you and the child need to reside in the UK, and you need to have an Ulster Bank current account.

Why choose urfirst?

  • Free, instant access savings account for children under 16.
  • Open this account with £1.
  • Access funds instantly if you need them.
  • Hold the account in trust for a child aged 0-11 years.
  • Children can open the account themselves if they're 7-15.

Summary Box

Account name: urfirst

What is the interest rate?

Can Ulster Bank change the interest rate?

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 (PDF, 281 KB), e.g. to take account of Bank of England 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. 

What would the estimated balance be after 12 months based on a range of deposits?

This is only an example and does not take into account your individual circumstances. It assumes that no further deposits or withdrawals are made; there is no change to interest rate; and any interest earned stays in the account. 

How do I open and manage my account?

  • All parties must be resident in the UK to apply
  • If you’re an adult aged 18 years or over, you can open an account in trust for a child aged between 0-11 years.
  • If you’re a child aged between 7-15 years, you can open an account in your own name with the consent of your parent or guardian.
  • There’s a minimum deposit of £1 required to open the account; and there is no maximum balance limit.
  • You can use Round Ups with urfirst where you have a Current Account and urfirst in your own name, or where you hold the urfirst in trust for a child.

Can I withdraw money?


AER: Stands for the Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.

Gross: The interest rate you are paid without the deduction of UK income tax.

p.a.: per annum (per year)

Information Message


Our MoneySense AT HOME website is designed to help parents talk to their families about money, providing tips and practical exercises on budgeting, managing debt and getting value for money.

Information Message

Kids savings accounts - FAQs

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of Ulster Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

Find out more  about the scheme and how it protects your money.

Now please take a look at the important legal info

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. If you’re aged [7-15] and opening a urfirst savings account in your own name, please make sure both you and a parent or guardian read and agree to the Terms.

 Your Savings Account Terms (PDF, 342 KB)

View our guide to personal account fees and interest (PDF, 277 KB)

We need proof of ID and address for you and the child you're opening the account for.  ID for the child can be a passport, birth certificate or medical card. Proof of address for a parent or guardian can be used as proof for the child provided surname and address are the same.

How your information might be used

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.

Ready to apply?

Get in touch

Call 0800 158 8784 | Relay UK: 18001 0800 158 8784

Lines are open:

Monday to Friday 8am - 8pm (excluding bank holidays)

Saturday 9am-3pm

Calls may be recorded. Calls from mobile phones may not be free.

Compare children's accounts

We have multiple accounts for kids and teens to help with managing their money and saving for the future, explore our full range here.