Diamond Bank woes kids, youths with high interest savings plan
More banks have continued to drive financial inclusion and literacy at schools and tender age.
Recently, Diamond Bank opened a new window of money management opportunity that enables parents and guardians plan and save for the future of their children through a simplified and high-interest yielding target savings plan.
Coming as “Diamond Future,” the bank explained that it does not only enable parents to save but also to teach their children to develop healthy savings habit and build prudent expenditure profile and diverse investment portfolio.
It was created and launched into the market in 2014 but now refreshed to help parents meet set savings targets for their children and easily accomplish their future financial goals and needs with excitement.
Details gathered from Diamond Bank website said the financial product is a savings account platform designed for children between ages 0-17 years, and offers a well guided and structured plan with the opportunity of earning high-interest rates. The plan is known as Diamond Future Target Savings Plan.
Spokesperson of Diamond Bank, Chioma Afe, stated that a major reason for creating the product is to instil in children the value and dignity of starting early to chart healthy financial course in life, and also deepen financial inclusion by integrating the children into the banking community.
She said “We want young people to know that Diamond Bank is not just for adults, Diamond Bank is your Bank too. We have worked hard to be the bank that understands the financial needs of parents and their children and to provide the right products and support to help them save to achieve their dreams.
“It provides customers with an opportunity to get specially rewarded with a 13th-month savings bonus, with 20 per cent of monthly instalment value when they stay committed to their yearly target savings plan.
Experts say many parents will embrace the product as it will not only drive financial literacy for their kids, but afford them chances of saving for their education.