Fidelity Flip account now available in USD
Fidelity Bank has introduced a US Dollar (USD)-denomination of its flagship product, the Fidelity Lifestyle Investment Plan (FLIP) account.
Advertisement
The move is part of the bank’s resolve to offer customers alternative products and services that give clients the opportunity to grow and diversify their wealth.
The USD FLIP account is a capital accumulation plan, which encourages accumulation of wealth through a consistent monthly payment into one’s USD FLIP account.
It is a 91-day investment that is automatically rolled over. The interest payable on the USD FLIP account is fixed at the LIBOR (London Interbank Offered Rate) plus 0.5 per cent.
A statement from the bank said the minimum balance required to open the account is $5,000.
“Subsequently, a minimum contribution of $100 monthly is required to operate a USD FLIP account,” it said.
The Managing Director of Fidelity Bank, Mr Jim Baiden, said Fidelity wanted to stay true to its vision of being the best bank for its customers.
He added that Fidelity wanted to help its customers create and protect their wealth.
Mr Baiden explained that the bank offered investment products for its customers in support of their financial stability.
“The USD FLIP account is also designed to help investors prepare for emergencies as well as fight inflation among others,” he added.
