Union Bank recently announced the launch of two new and improved savings accounts for Kids (ages 0-12 years) and teenagers (ages 13-18 years). The accounts, UnionInfinity and UnionLegend, were created to improve the savings culture in Kids and Teens and groom them into financial independence.
Unlike other accounts, the UnionInfinity and UnionLegend have both been designed to cater to the needs of parents who not only want to save for their children’s future but also teach their kids to save.
Speaking about the new products, the head Retail Banking and Digital at Union Bank, Lola Cardoso said: “We are excited to champion this new and improved proposition for kids and teenagers which will help them achieve their dreams. An important part of our role as a Bank is to teach and encourage Financial Literacy and Independence and these accounts are a very practical way to do so. We have made it even more rewarding with perks that the kids and their parents can look forward to. To open any of the accounts, call your Union Bank Relationship Manager or walk into any of our branches nationwide and request an account opening form.”
The UnionInfinity and UnionLegend accounts offer up to 3.75% interest rate and come loaded with lifestyle benefits such as discounts at bookstores, game arcades, cinemas etc. and milestone rewards when the kids hit their savings targets.
Other benefits are loyalty schemes, insurance cover for education, discounted healthcare packages, customised debit cards, education and social events and access to a really cool community. Parents also stand to receive financial support for school fees.