Banif Bank (Malta) plc has revised its New Generations Account to better suit the needs of its clients.

The New Generations Account (NGA) is intended for parents, legal guardians and grandparents to put some money aside to help their little ones kickstart their plans when they become of age. The account now allows account holders to lower their minimum annual deposit when opening more than one account.

Upon opening their first NGA, account holders will also receive a free gift voucher that can be redeemed at My Toys at Pavi Complex or at Toby Toy Master in Birkirkara. Alternatively, the client may opt for a cash voucher that can be deposited in the child’s account.

During the launch, Caroline Gauci from the bank’s Business Development Unit said the NGA was an ideal solution to start a savings plan that pays an advantageous interest rate while maintaining the flexibility to withdraw the funds at pre-set intervals. NGA holders have to make a minimum annual contribution of €300 or €120 for customers opening more than one account.

The deposits can be spread out throughout the year according to the needs of the client. After six months, clients will also be eligible to a personal loan at a preferential rate for the sole purpose of assisting the child. Such a loan will also attract a reduced interest rate.

More information can be obtained by calling customer care on 2260 1000 or by sending an e-mail to customercare@banif.com.mt. Alternatively, one can visit any of the 10 Banif Bank branches around Malta and Gozo.