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BOV Deposit accounts
Bank of Valletta offers a complete range of deposit accounts to assist you in managing your day-to-day expenses and savings.
BOV Young Savers Account

Start out right with a BOV Young Savers Account. Why? Because your child is special.

 

 

Overview
Benefits
Terms & Conditions
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Start nurturing your child’s financial future from the very first day with a BOV Young Saver Account. It is fun for everyone.

The BOV Young Savers Account is a special account for all minors under 15 years of age. If you are a parent, a grandparent, or a legal guardian, you may open an account with as little as €2.00, even as soon as the child is born.

Deposit into the account whenever you like. This gives you the opportunity to put aside some extra pocket money for the little one. Why not use the account to deposit cash gifts received on those special occasions, or have your Children’s Allowance paid directly into this account by Direct Credit?

What’s in it for your child?
Your child will enjoy the money being saved. Children start learning from an early age how to manage their money. They can withdraw up to €25.00 a week for those little things that they may need from time to time.

One of the main most appealing features of this account is undoubtedly the attractive rate of interest that increases as the balance on the account increases. The end result is more funds for your child’s future.

When the child is 15 years old, the balance is transferred to another account to cater for the changing needs of the early teens, as the BOV Club world opens up for him/her.

Open a BOV Young Savers Account today. Here’s how:

When you open a BOV Young Savers account you need to:
  • Present the child’s Birth Certificate and your ID Card as parent, grandparent, or legal guardian of the child in whose name the Account is being opened.
  • Open the account in the joint or separate names of the parents/grandparents/legal guardians and effect a minimum initial deposit of €2.00.

Managing the BOV Young Savers account:
  • Deposits can be made:
    • by the accountholder or by the minor if accompanied by parent, legal guardian or grandparent;
    • at any time during the term of the account;
    • up to any amount as long as total balance in account does not exceed €15,000 excluding interest.
  • Withdrawals from the Account can only be made by the Account holder up to a maximum €25 every seven days. (Withdrawals that are not effected within the specified period cannot be carried forward to the next withdrawal. However, we understand that, in exceptional cases, you might need to withdraw more than the maximum permitted so additional funds can be made available in these cases subject to terms and conditions.
  • Terminate the account 5 years after the account is opened or every 5 years thereafter or once the minor is 12 or 15 years old. The account is either automatically converted to a BOV Savings Named in € Account, or converted to an account of choice by the account holder.
Check out the account’s features and benefits

As a BOV Young Saver, your child gets:

  •  A membership card;
  • A flexible savings account and higher rates of interest credited into the account annually on the 22nd December
  • Regular access to funds – deposits can be made at any time, and withdrawals of up to €25.00 per calendar week.
  • Free piggy bank (until stocks last) when the account balance reaches €100

 And you may:

  • Make an unlimited number of deposits up to a maximum account balance of €15,000, excluding interest.
  • Withdraw up to €25.00 every 7 days
  • Pay your Children's Allowance by direct credit into the BOV Young Savers account.

 So, the BOV Young Savers Account gives you these benefits:

  • Flexibility of usage;
  • Interest on daily balances is paid every 22nd December and a statement is issued every end of December;
  • Added safety of keeping your cash in the Bank, and
  • Payment of 15% FWT on interests earned (for Maltese residents)

 

Interest Rates

The interest rates currently applicable on a BOV Young Savers Account are available here.

Interest Rates may change after this product has been acquired and  peripheral products may incur their own rates. Please contact any BOV Branch or our BOV Customer Service Centre on 2131 2020 for additional information.


Fees and Charges

You may view the latest Tariff of Charges. Please also check out the Product Info Guide for the latest updated version of the Terms and Conditions for this account.

Fees and charges may change after this product has been acquired and peripheral products may incur their own costs. 

You may contact any BOV Branch or our BOV Customer Service Centre on 2131 2020 for additional information.


 

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Do you want to know more about the BOV Young Savers account?

If you are an existing customer, you can open a Savings using the BOV 24X7 Services package. Otherwise, please visit any BOV branch of your choice or call  BOV Customer Service Centre on 2131 2020. 
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Depositors Compensation Scheme
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Account Switching - Product Information Guide
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BOV Young Savers Account Product Information Guide
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