Diamond Bank has opened a 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.
The financial product, known as ‘Diamond Future’ according to a statement from the bank, 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.
According to the bank, Diamond Future 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.
Information about the financial product revealed that it is a savings account 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.
The bank’s chief spokesperson, Chioma Afe, stated that a major reason for creating the product is to instill 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.
“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,” Afe said.
The new offerings in the refreshed savings plan, provides customers with an opportunity to be rewarded with an additional interest accrual on agreed monthly savings. The reward increases as the number of years the customer has set in the savings plan increase.
“It provides customers with an opportunity to get specially rewarded with a 13th month savings bonus, with 20% of monthly instalment value when they stay committed to their yearly target savings plan. It gets more exciting as a bonus of 40%, 60%, 80% and 100% of monthly installment value applies for two years, three years, four years and five years savings plan respectively,” the bank added.