Parents often think about setting aside a sum of money, or starting a regular savings plan for young children, so that when they grow up they have some capital to start them off in life. This might be useful, for example, to help them take their studies a step further by pursuing an academic course abroad or to place a deposit on a first home. For this purpose Banif Bank is offering the New Generations Account, aimed to help parents or legal guardians save for their children’s future through regular small contributions.
To benefit from the excellent interest rate of 3.5% gross per annum, New Generation Account holders have to make minimum annual contributions of €300. Over and above that, Banif clients are allowed to make as much additional deposits as they wish, whilst retaining the flexibility to withdraw the full capital and earn the accumulated interest at certain pre-set intervals. After 6 months from opening of the account, clients will also be eligible for a personal loan for the sole purpose of assisting the child. Such a loan will also attract a reduced interest rate. In addition to this, a free €25 gift voucher redeemable from a number of leading outlets, will be given upon opening a New Generations Account.
Acknowledging that in today’s busy life, time is of great essence, Banif is now also offering all New Generations Account holders the possibility to effect transfers from their personal current or savings account to their child’s account through Banif@st Internet Banking, which is offered free to all Banif clients. This will allow the parent or legal guardian to make additional deposits online, in a fast and secure way, ensuring that they are maximising the return on their child’s savings.
For more information on the New Generations Account call on 2260 1000 or visit www.banif.com.mt.