Personal
Bank Accounts
urFirst

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? Open in new window

Interest rate Open in new window

Opening and managing your account Open in new window

Withdrawing money Open in new window

Apply now Open in new window

Why choose urfirst?

Free, instant access savings account for children under 16.
Open this account with just £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.

Available to customers aged under 16, resident in the UK. Terms and conditions apply.

Summary Box

Account name: urfirst

What is the interest rate?

Balance

£1+

AER/Gross p.a. (variable)

2.70%

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?

Initial deposit at account opening

£1,000

Balance after 12 months

£1,027.00

Interest earned

£27.00

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.

How do I open an account?

Who can operate the account?

Account held in trust (0-11 years)

Telephone only

The adult only

Account held by child (7-15 years)

Telephone only (with consent of a parent or guardian)

The child only

Additional Information Close

How do I pay money in?

If the account is held in a trust (0 -11 years) you can pay money in at on branch, at one of our cash deposit machines or by transfer from another account you hold with us (online, by telephone or by using our mobile app) or with another provider.

If the account is held by the child (7-15 years) and the child is aged 11 years or over, they can also register for our telephone and online banking services.

How do I check my account balance and recent transactions?

In branch, online, via telephone or by using our mobile app. If the child is aged 11 or over they can also register for our mobile app and online banking services.

Mobile app ia available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries.

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 (0-11 years): 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 (7-15 years): 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.

Definitions

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

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.

Information Message

Visit our MoneySense website Open in new window

Kids savings accounts - FAQs

How do I find the best kids’ savings account?

Finding the best kids’ savings account for your child will depend on what you want. If you need access to the money then you might want a flexible savings account that offers instant access. It is also important to think about how much you can save. You can open a kids’ savings account with just a £1 deposit. You should also consider how you can save together. Managing this through an app can be the best way to get your kids involved.

Explore our range of child and teen bank accounts

Can I open a savings account for my grandchild?

Yes, you can open a urfirst account for your grandchild as long as you are 18+ and opening the account in trust for a child who is aged 0-11 years old. Both you and the child need to reside in the UK and you need to have an Ulster Bank current account.

How do I withdraw money from my urfirst account?

Ulster Bank urfirst is a payment account. For accounts held in trust, you can withdraw money in branch. Alternatively, you can choose to transfer funds online, by telephone or on the mobile app to any other UK bank account.

Is this the best rate for children's savings accounts?

Interest rates change from time to time. That means you might need to shop around to find the best rate on a child savings account. However, other factors may be worth exploring too, such as potential withdrawal limits or access restrictions.

How do I fund my urfirst account?

When funding your newly opened savings account, a limit of £99,999 per day applies. However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.

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.

More on what documents we accept Open in new window

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.