urfirst Savings Account
Our savings account for children
Available to customers aged under 16, resident in the UK. Terms and conditions apply.
- Free, instant access savings account for children under 16
- Open this account with just £5
- Access funds instantly if you need them
- Hold the account in trust for a child up to age 12 or in the child’s own name if they are over 7
- Get a free Henri money box
Summary Box
Account name: urfirst
What is the interest rate?
| Balance | AER/Gross p.a. (variable) |
|---|---|
| £5+ | 0.35% |
Interest is calculated daily and paid annually on the last business day in October and at account closure.
If you choose for interest to be paid into a nominated Ulster Bank account in your name(s), then interest will be paid into that account.
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 Personal banking – terms and conditions Your Savings Account Terms, 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 the rate is going up, we’ll inform you before the change or shortly afterwards. Term 9.2 also contains details of the notice we’ll give you.
What would the estimated balance be after 12 months based on a range of deposits?
| Initial deposit at account opening | Balance after 12 months | Interest earned |
|---|---|---|
| £1,000 | £1,003.50 | £3.50 |
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 £5 required to open the account; and there is no maximum balance limit.
Can I withdraw money?
Yes, you won't be charged and you don't need to give us notice.
How can I withdraw money?
This account is a payment account
Account held in trust: you can withdraw money in branch, or transfer funds online, by telephone or on the mobile app to another Ulster bank account
Account held by child: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also register for our telephone and online banking services to access your current account
What are the withdrawal limits?
There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking. The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking.
Additional Information
Definitions
Annual Equivalent Rate (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 Rate
The interest rate you are paid without the deduction of UK income tax.
p.a.: per annum (per year)
Free Henri Moneybox
Open a urfirst Savings Account and your child will receive their very own Henri Moneybox to help get them saving!
Henri Moneyboxes are suitable for children aged 3+ and are limited to one per every new account-holder based in Northern Ireland.
Get ready to apply:
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.
Please review the important legal stuff:
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.
Henri Hippo is back to help your kids save just like you did. Download our free learning resources below to help start the saving habit.
Print out fun stuff
MoneySense
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.
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.
