Tell me about AmBank Islamic Savers' G.A.N.G Account-i.
An Islamic savings account for juniors that help your little one to discover the importance of financial planning at young age. To open this junior savings account, a minimum initial deposit of RM50 is required.
AmBank Islamic Savers' G.A.N.G Account-i is a Trust Account whereby only child below 12 years old can open, with a parent or guardian acting as joint accountholder. The bonus is, when you open this account with a deposit of RM300 and above, your child will get a free Camel Coin Box.
To fully embrace the habit of saving, you can print out a weekly savings plan provided by AmBank to manage how much you want to deposit each week plus monitor your child's total savings.
How much profit can my child earn?
The basic interest rate is 0.2% p.a., which is applicable to any amount not less than RM10. That's not all, your child's savings will get a monthly bonus rate of 1.80% if the deposits exceed withdrawals by RM1 each month.
If your you and your child can keep this practice up for 12 consecutive months, there's even an additional yearly bonus of 0.50% to look forward to.
How old must my child be to apply for the AmBank Savers G.A.N.G Account-i?
AmBank Savers' G.A.N.G Account-i opens for kids below 12 years old. Once he or she has reached 12 years old, the account will automatically be converted to AmBank Basic Savings Account automatically.
Can I check the account balance online?
Yes, you can monitor your kid's spending habits through AmOnline. On the flipside, your child can also manage the account conveniently using AmBank's online banking application.
What are the other fees and charges I need to pay?
If the AmBank account is inactive for more than 3 months, there's an annual fee of RM10. The account closure is RM20 if terminated within 3 months of opening.