Children are invited to keep their savings in the bank
The experts of Šiaulių bankas notice that in autumn most parents do their best to create favourable conditions for their children to learn and spend their leisure, also, at the beginning of the new school year they are more actively laying the foundations for financial well-being of their offspring. More and more parents start teaching their children to save money from the very early age by choosing time or accumulative deposits.
Placing a Child's deposit the parents will be able to supplement it at any time while accumulated funds and accrued interest will be disbursed after the child reaches his/her adulthood. Children who are involved into the process of saving are encouraged to save their funds not only in their money-boxes at home but also in a bank account.
“Those parents, adoptive parents or care-takers who will place a Child's deposit will also receive insurance against traumas caused by the accidents in the amount of LTL 5000 from the insurance company "Bonum Publicum" and, besides it, we will hand them a money-box of Šiaulių bankas", - informed Deputy Chief Executive Officer of Šiaulių bankas, Head of Business Development Division Daiva Kiburienė about innovations of this autumn.
"The cases when the parents start accumulating the money from their baby's first days and use it when their child needs it or when a child grows up are increasing. At the same time children are allowed to have their own deposit, thus fostering their financial responsibility and financial literacy, "- said the representative of Šiaulių bankas.
According to D.Kiburiene the fact that small amounts are sufficient for placing a deposit is very attractive to the parents and as the times goes by those funds together with accrued interest turn into a significant financial support to a child. "We have calculated that if a Child's deposit account is opened when a baby turns one then transferring the amount of LTL 50 to this account each month and adding the accrued interest which is also accumulated on the same account until his/her adulthood might result in savings exceeding LTL 11 thou, which is a sufficiently solid amount to start their own life", - provided an example the banker.
Placing the Child's deposit the parents will be able to select the most acceptable way of saving. One of the options is to transfer the funds allocated by the state for child raising to a time deposit account on monthly basis. Another convenient way is to assign a part of the maternity or parental benefits. A standing order agreement can be concluded in order to take care of the Child’s deposit account on monthly basis.
The Child's deposit in Šiaulių bankas is exceptional in terms of favourable interest which is higher than interest applied to other types of deposits. Interest shall be reviewed considering the changes in the market - currently the interest paid for the Child's deposit in litas comprises 1.3 per cent. A minimum initial deposit amount of the Child's deposit during the campaign - 50 litas.