For parents or guardians who want to teach their kids about money and financial literacy, one of the best things to do is to help your child open a savings account in your child’s name.
Opening a Child Savings Account can help your child learn more about managing money, saving for the future, and other aspects of personal finance, beginning from a young age.
At Vbank, we are not only encouraging parents to save consistently in their children’s names, but we are also incentivizing. the process to make it super attractive. While prioritizing savings is important, it’s even better to shop for account types with great and guaranteed returns.
In May 2020, we piloted our first Children’s Day Target Savings scheme to challenge parents to save consistently for their children for one-year period. It was hugely successful in volume and impact and following feedback from the market, we have kicked off the same campaign in May 2021 to run till April/May 2022.
For every CDTS account, you open between now and June 27, you stand the chance of receiving a 20 percent interest on your deposit in the first month. CDTS is a target savings account created for minors aged between 0 and 18 years. This feature, available on the VBank App, gives you access to unlimited top-ups even as you gun for a fixed amount in the one-year period.
And that’s not all. You also enjoy a 9 percent interest rate on all contributions made after the first month, and you can create for as many kids as you want to save towards their dreams and goals.
Please note that the 20% promotion will only be valid on Target Savings set up between now and the 27th of June 2021 and which can only be accessed at the end of the stipulated savings period. Terms and conditions apply to premature liquidation.
To get started, just follow these simple steps:
- Set up your Target Savings with the header CDTS/Child’s Name/Child’s Age
- Subsequent contributions must be the same amount as the initial deposit.
- Any break in the monthly contributions before 6 months will result in the loss of the 20% bonus from V
- Early liquidation of the TS will result in the loss of the 20 percent contribution from V (depending on if before/after 6 months) and a 40% penalty on interest accrued.
- All other conditions applicable to Target Savings also apply.
So, start your children on the road to financial success by clicking here to open a CDTS today and you start saving!
To all adorable parents and guardians who benefitted last year, we know you cannot wait to save again! Let’s do it!