In what is seen a product aimed at specifically meeting the long-term savings needs of the emerging youth market, Qatar’s leading financial institution Ahlibank has launched the ‘Junior Savings Account’ available to anyone under 18.
Junior Savings Account, Ahlibank said, will make “savings fun and allow parents to invest for their child’s future and help turn their dreams into reality”.
The account provides a high rate of return, plus a bonus rate to incentivise monthly payments, while enjoying instant access to the savings at any time, Ahlibank’s deputy CEO for retail banking, Andrew McKechnie told Gulf Times.
Ahlibank also provides a ‘Junior branded Debit Card’ in the child’s name.
The account is opened and operated by the parent/legal guardian on behalf of the child.
Another key feature of the account is that it facilitates the holder to earn “high interest” on monthly average balance of QR5,000 and above.
McKechnie said, “The Junior Savings Account is a product designed specifically to meet the long-term savings needs of the emerging youth market, which we see as currently underserved in the Qatar market.
“We recognised the need for parents to invest in their children’s future and have developed a unique product proposition that is available for every child under 18. The Junior Savings Account pays a high interest rate of 1.7% annually on monthly average balances of QR5,000 and above.
“In addition, to encourage and reward regular monthly savings, customers can earn an additional bonus rate of 0.25% annually when the monthly average balance increases by QR2,000 over the previous month. Interest is accrued on the basis of the monthly average balance, and is credited at the end of every month.”
McKechnie added, “The Junior Savings Account also comes with a Junior branded Debit Card in the name of the child, which can be used in any ATM to provide instant access to savings or for purchases at any retailer displaying the VISA logo, including online, both inside and outside Qatar.”
He said as a special launch offer, Ahlibank was also providing the first 250 accounts opened, a ‘Jarrir Bookstore’ voucher as a welcome gift.
In the coming months, he said the bank would make further enhancements to the Junior Savings Account as part of its ongoing commitment to providing the most personal banking experience.
Hassan Alfrangi, Ahlibank head of retail banking services added:  “With our mission to provide the right products for individuals in our community, the Junior Savings Account was developed to meet the savings needs of the youth in Qatar. Our teams, specifically designed the account to focus on the needs of both parents and their children, with the opportunity to earn up to 1.95% annually, instant account access, a Free Junior branded Debit Card in the child’s name and a welcome gift at account opening. The Junior Savings Account is the perfect solution for parents to start saving and planning for their child’s future.”
More details on the account can be had from any of the 16 Ahlibank branches in the country.
Alternatively, queries can be made at the Ahlibank 24x7 contact centre on 4420 5222 or www.ahlibank.com.qa