Universal Merchant Bank (UMB), one of Ghana’s indigenous banks, has launched investment products for children.
Dubbed 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 great tool to financially prepare for key milestones in a child’s life.
Whether one is saving for school fees or simply wishes to teach one’s child the ABC’s of saving, UMB has created this product to help parents start early with their financial preparations for their children.
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 the ages of 13 to 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 lodgments 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 that the introduction of the Future Generation Accounts was the first of its kind in Ghana.
“With the introduction of our Future Generation Accounts, we can now assist clients from the very beginning, from birth, through the toddler years, through the teenage years, through the beginning of adulthood, through student life and right through to the golden years of life,” he said.
All Future Generation Accounts include age-appropriate gifts for opening accounts as well as gifts for reaching certain savings thresholds. Other benefits include mentorship and financial literacy programs as well as celebrations for reaching certain financial milestones.
The introduction of the Future Generation Accounts is the latest line of new products being launched at UMB.
The bank recently launched the Aspire Account, a current account for students aged 18 years and older. The Aspire Account allows UMB to partner with tertiary students seeking financial independence.
This is also in line with their recently launched New You promotion. The New You promo encourages all Ghanaians to dream and to aspire by participating in the New You promo whose grand prize is GH¢100,000.
By depositing multiples of GH¢200 into a new UMB account or an existing account at UMB, customers stand a chance of winning the grand prize and bringing a New You to life.
source : GNA