Children scheduled savings

Children scheduled savings

 

Children's scheduled savings account is a special type of a savings account where amounts are deposited monthly into a child's savings account at a stimulating rate of interest. If monthly deposits exceed the agreed amount, the savings can be transferred to a higher tier and earn even higher interest! Children's scheduled savings account is opened by a legal representative (parent) or a custodian on behalf of the child who is the owner of the savings account. It is intended for children under 18.

Set up a children's scheduled savings account and provide for your child's future now!

Major advantages

  • You can choose monthly amounts you wish to deposit, provided such amounts are not lower than EUR 15
  • You can even make a number of deposits within one month, in which case all the payments added up should not be lower than the contracted amount
  • The manner and date of monthly payments: by a standing order, by cash deposits, by a transfer from a transaction account or combining the before-mentioned methods.
  • It is up to you to choose the date when the standing order is executed.
  • The rate of interest depends on the sum of the agreed monthly deposits (target amount) that will be paid in over the deposit period, as well as on its duration.
  • You may tie your funds for: 3, 6, 12, 24, 36, 48 and 60-month periods, and available currencies are: HRK, EUR and USD
  • Automatic rollover: if by the expiry date you give no indication of wishing to terminate your children's scheduled savings, it will be automatically rolled over under the same conditions (the same amount of monthly deposits, term and date of payment).
  • When opening a children's scheduled savings account, the child gets his/her own card and so does the legal representative. The child's card does not allow him/her to withdraw or transfer money from the account, but he/she can make payments into the account and will be able to check the balance on the ATM. The bank does not charge a fee for issuing children’s cards (for customers under 15 years).
  • Legal representatives / custodians, on the other hand, can perform all transactions with their cards.

 

You can set up children’s scheduled savings with a fixed or variable rate of interest, depending on the time you are tying it for.

Fixed rate of interest is available for terms of 3, 6 and 12 months. Upon transfer to a higher tier, the interest rate set by the currently valid Decision on Interest shall apply to the entire savings amount. Exceptionally, if that rate of interest is lower than the rate of interest earned before the transfer to the higher tier, the Bank shall continue paying the previously paid rate of interest.

Children's scheduled savings account is opened by a legal representative (parent) or a custodian on behalf of the child who is the owner of the savings account. It is intended for children under 18.

Apart from yourself (as a legal representative/custodian) and the child, payments to the children’s scheduled savings LCY account can be made by grandfathers, grandmothers, aunts and others. Apart from yourself (as a legal representative/custodian) and the the child, payments to the children’s scheduled savings FCY account can be made only by the signatories to the demand deposit account in the currency of the children’s scheduled savings. 

Information on children’s scheduled savings

The Bank provides an insight into the account balance and the account data via:

  • Contact Centre of OTP banka at (072) 201 555
  • personal computer: Internet banking menu on the Bank’s web site. To avail themselves of this option, customers are required to fill in an application form and take a token
  • Bank’s branches