The Rainbow Savings account – the only one for young savers available with Royal Bank of Scotland children's savings accounts – offers a flexible account with competitive rates so that young people can learn the benefits of saving from an early age. Whether you're saving up for a new bike, a first car, university, or the deposit for your first home, the Royal Bank of Scotland children's savings account has a range of features; it offers:
- Minimum opening balance of just £1
- Available to 0-21 year olds
- Instant access
- Deposit savings at any time
- Free money box
With Royal Bank of Scotland children's savings accounts, a passbook is issued in an adult's name; when they feel they are responsible and old enough to manage the account themselves, it can be transfered to the child.