Universal Merchant Bank (UMB), one of Ghana’s indigenous banks, has launched a number of savings and investment products for children.
Called the Future Generation Accounts, the four products which have been designed to cater for specific age groups include the ABC Account, Piggy Bank Account, Smart Teen Account and Young Adult Account.
The ABC Account is designed for children from birth up to the age of five. Opened by parents in trust for their children, the ABC Account is a tool to financially prepare for key milestones in a child’s life.
The Piggy Bank Account is for children over five years but not more than 12 years old. It allows the beneficiary children to enjoy the benefits of long- term savings first-hand while also serving as an excellent tool to teach children the basics of financial literacy.
The Smart Teen Account is for children between 13 and 16 years. It enables parents to financially prepare for the fast approaching tertiary education fees of their wards while at the same time allowing the teenagers themselves to learn sound financial habits.
Designed for young people aged 17 to 19 years, the Young Adult Account allows parents and their young adults to address the growing financial concerns and needs that arise as young adults transition into adulthood.
For all four types of Future Generation Accounts, regular lodgements can be set up from the parent’s accounts into their children’s accounts making it completely convenient in growing the account balance.
Mr Nii Ayikai Ribeiro, Head of Transaction Banking and Product Development of UMB, said “we are the first bank in Ghana to offer products and services that address all stages of growth in one’s life.”
All Future Generation Accounts include age-appropriate gifts for opening accounts as well as gifts for reaching certain savings thresholds. Other unique benefits include mentorship and financial literacy programme as well as celebrations for reaching certain financial milestones.