This Savings account functions as a «piggy bank» and offers young people the opportunity to save a significent ammount thanks to advantageous interest rates.
Interest Rate: 2,25%
The Youth Savings Account can be opened by parents, relatives, guardians or other persons in the name of the youngster from his/her date of birth until the completion of his/her 16th year of age. The account will continually accumulate at a high interest rate until he/she completes 18 years of age.
The account becomes effective with the subscription of an adult-guardian as an assignee. This person signs all the documents required to open the account.
Benefits:
- Prime interest rate with 6-month compound interest, for exceptionally high returns
- Potential withdrawals are allowed when necessary to cover parent’s emergency expenses
- Potential issue of banking products (such as student loan, consumer loan, home loan, youth card etc), after the 18th year of age, with very low re-adjustable interest rate
- Simple and quick procedure for the account opening
- Servicing from the Greek Postal Savings Bank’s 138 branches
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