Millennium Bank offers saving account for children in lei with 5% annual interest rate

Millennium Bank clients can save for their children with the help of the recently launched May You Grow Up saving account in lei, that provides an annual interest rate of 5% for a minimum balance of 300 lei. Parents can save money for their children until they turn 18, which is the moment when the saving account reaches maturity, said the bank in a statement.rnrnThe deposits in the saving account can be made in an easy and convenient way, through programmed automatic monthly transfers directly from the parents’ current account, in an amount and at a date at their choice. In addition to this, May You Grow Up account allows supplementary deposits at any time and without amount limitations. The interest is paid every six months, being capitalized in the saving account.rnrn“In line with our strategy to provide a diversified saving portfolio and, thus, become a saving partner for our clients, Millennium Bank enters the segment of savings for children. May You Grow Up account is an advantageous way for parents who want to make long term savings for their children and, at the same time, benefit from the flexibility of a saving account”, Eliza Erhan, Head of Retail Product Development with Millennium Bank Romania, stated.rnrnThe account is opened by the both parents, if the child is under 14 years old, or by the child together with the parents, if the child is at least 14 years old. Clients benefit from free account opening and administration fees. rnrnMillennium Bank’s saving portfolio includes classic term deposits with fixed interest rate, Ascendent Deposit with progressive interest rate that reaches 10% per year for the sixth month, “12 winning months” deposit, which provides monthly payment of the interest, saving accounts, as well as Dual Package, a saving and investment instrument, made of a three-month lei deposit with 10% annual interest rate and an investment fund with moderate risk.