Helping children get into the savings habit
Why choose a First Saver account?
Open a children’s saving account.
- Free, instant access children’s saving account held in trust
- Easily managed in your app alongside other accounts
- Top up your savings with Rounds Ups
Round Ups is available to customers with an eligible current account, instant access savings account and the mobile app. Round Ups can only be made on debit card and contactless payments in Sterling.
Summary Box
Account name: First Saver account
What is the interest rate?
Can Isle of Man Bank change the interest rate?
What would the estimated balance be after 12 months based on £1,000 deposit?
How do I open and manage my account?
To apply for this account
- If you’re aged 18 years or over and hold a NatWest International current account, you can open an account in trust for a child under 16.
- All parties must be resident in the Isle of Man.
How to open your account
- You can open your account online.
- We will need an email address and mobile number to open your account. You can update them in Online Banking.
- No minimum deposit is required to open the account and no minimum deposit needs to be made on a regular basis.
- There is no maximum balance limit.
Managing your account
- For an account held in trust, only the adult can give instructions on the account.
- You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (online, by telephone or on the mobile app).
- There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.
- You can check our current daily limits or contact telephone banking.
- Only you, the adult, can give us instructions on the account, not the child.
- You can use Round Ups with First Saver.
Can I withdraw money?
Yes, First Saver is an instant access savings account so you can withdraw your money at any time without giving notice.
You can withdraw money in branch, or transfer to any other account based in Jersey, Guernsey, Isle of Man, Gibraltar or in the UK (online, be telephone or on the mobile app).
There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking. You can check our current daily limits and how to withdraw more than them can be found in our support centre or by contacting telephone banking.
Additional information
AER: Stands for Annual Equivalent Rate. It shows you what the rate would be if the interest was paid and compounded each year.
Gross Rate: This means the interest rate you are paid without deduction of income tax.
p.a: Per annum (per year).
Compound interest: Compound interest is interest that is paid on your original savings deposit plus any interest you’ve already earned.
How to apply
Before you apply for a First Saver account, please review our eligibility, important information and details on how we use your information so you're sure it's the right account for you.
You can open your account on our mobile app or online. If you need help with your account application, due to a health condition or impairment, please call us or visit us in branch, we’ll be happy to help.
You can apply for a First Saver account if:
- you’re aged 18 or over
- you hold an Isle of Man Bank current account
- and are opening an account in trust for a child aged up to 16 years.
All parties must be resident in the Isle of Man.
Please review our important information
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.