If there is one certainty about starting a family, it is that it is going to be expensive - very expensive.
More than ever before it is not just the cost of keeping the kids dressed, fed and entertained that parents need to think about. The rising cost of a university education, coupled with spiralling house prices, mean many children will still be reliant on the 'bank of mum and dad' long after they turn 18.
But while kids will cost you, they do not have to drain your finances altogether. Whether you are a parent who wants to prepare for the future or a grandparent who wants to help out, there is a range of affordable savings and investment plans to help you build a nest egg for your child or grandchild.
Here are a selection of savings plans for children currently available in Malta:
BANIF BANK
NEW GENERATIONS ACCOUNT
Banif Bank has the ideal account for your children aged between 0 and 16 years, the New Generations Account.
The New Generations Account has been specifically designed around the needs of the younger generation. The account will help you, as parents/ legal guardians and grandparents to save for your kids or grandkids and will offer financial flexibility to cater for their future requirements. The product will provide an excellent return and requires small regular contributions. Another interesting feature of the New Generations Account is that there is no limit on the amount that you can deposit.
After 6 months from the opening of the account, you will also be eligible for a personal loan for the sole purpose of assisting the child. You can borrow the equivalent of double the balance held in the account at the time of the credit application, subject to a minimum loan value of €1,000 and a maximum loan value of €5,000. Such a loan will also attract a reduced interest rate.
This account is specifically aimed to help you save for your child’s future, but still retaining the flexibility to withdraw the full capital plus accumulated interest at pre-set intervals which are indicated at account opening.
In addition to this, FREE GIFTS will be given upon the opening of a New Generations Account and at pre-set intervals to reward loyalty.
Key Features:
-
Attractive interest rate
-
Minimum initial deposit of €25
-
Flexibility to save as much as you want, whenever you want subject that you save €300 annually
-
No maximum deposit amount
-
FREE gift vouchers
-
Eligibility for a personal loan at a reduced rate to finance child related requirements
-
Full capital withdrawal plus accumulated interest at pre-set intervals
For further information please visit the bank's website
here.