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Financial Planning

If there is one certainty about starting a family, it is that it is going to be expensive - very expensive.
More than ever before it is not just the cost of keeping the kids dressed, fed and entertained that parents need to think about. The rising cost of a university education, coupled with spiralling house prices, mean many children will still be reliant on the 'bank of mum and dad' long after they turn 18.
But while kids will cost you, they do not have to drain your finances altogether. Whether you are a parent who wants to prepare for the future or a grandparent who wants to help out, there is a range of affordable savings and investment plans to help you build a nest egg for your child or grandchild.
Here are a selection of savings plans for children currently available in Malta:


APS Star Account

The APS Star Account was created to encourage children to save. The account is simple and straight forward with a very attractive interest rate. Interest is paid annually and is credited to the account at year end.
Each parent/legal guardian can open one Account per child. Every child can have up to two Accounts. A maximum of €1,000 per annum can be deposited in each Account. Therefore, if an Account is opened and kept for 18 years, a maximum of €18,000 per Account can be saved.

Children's savings accounts are normally held till when the child reaches the age of 16 years. APS Star Accoutn offers the possibility to keep the funds for an additional two years. This feature gives the opportunity to use the Account to save additional money and also to earn more interest on the accumulated funds. The Account Holder also has the possibility not to avail of the additional two years and close the Account once he/she reaches 16 years of age without incurring any penalties.

When the Account Holder reaches 18 years of age, the Account will be automatically closed and the funds transferred to a savings account in the Account Holder's name. This savings account will be subject to the terms and conditions, including the interest rate, applicable to savings accounts at the time.

The APS Star Account will be opened in the name of a minor, who is still under the age of 18. It is important that the child is born and resides in Malta.




New Generations Account

The New Generations Account from Banif Bank allows you to make small regular contributions but there are no set limits on the total amount which you can deposit. In addition, you will get a return on your savings.
This account is specifically aimed to help you save money for your children, however it still offers the flexibility to withdraw the full capital and earn the accumulated interest at certain pre-set intervals.
Key Features

You can open a New Generations Account with an initial balance of €25 and deposit a minimum of €300 annually, which you can choose to spread at regular intervals throughout the year. In return you will benefit from an attractive interest rate. Upon opening of the New Generations Account, you will also be entitled to a FREE GIFT.

After 6 months from account opening, you can apply for a personal loan at reduced rates to finance any requirement for my children such as buying a computer. Grandparents and legal guardians are also eligible to open a New Generation Account and benefit from all the features which this product offers.

More information here.

BOV Young Savers Account

The Young Savers Account from Bank of Valletta is a special account for all children under 15 years of age. If you are a parent, a grandparent or a legal guardian, you can open an account with as little as €2, even as soon as the child is born.
You can deposit into the account whenever you like, so this gives you the opportunity to put aside some extra pocket money for the kids. Why not use the account to deposit cash gifts received on those special occasions, or have your Children’s Allowance paid directly into the Young Savers Account by Direct Credit?
Your children will enjoy the money being saved – withdraw up to €25.00 per week for those little things that they may need from time to time.
When the child is 15 years old, the balance is then transferred to another account to cater for the changing needs of the early teens.
One of the main benefits of this account is undoubtedly the attractive rates of interest that increase as the balance on the account increases. The end result is more funds for your child's future. Nurture your child's financial future .... with the BOV Young Savers Account saving is definitely fun for everyone!

BOV Parents Package

Celebrating important milestones and achievements with your child is so important in helping them develop self-esteem and confidence. Needless to say being financially geared up to measure up to your child's present and future needs requires careful consideration and plenty of planning.  To facilitate this task for you and help you plan for your child's present and future needs, Bank of Valletta has designed the BOV Parent's Package offering you a selection of products, services and offers specifically designed for parents with growing kids.

For further details about the products or services available under the BOV Parents Package you may visit any BOV Branch, call our customer care on telephone (+356) 2131 2020 or download the BOV Parents Package brochure.

MSV Child Savings Plan

The BOV Child Savings Plan has been designed to provide a simple and tax efficient way to save for your children’s future. Investing in the With Profits Fund means any bonuses once declared are guaranteed at maturity.


A Trust for your Child by Ganado Trustees

A Trust for your Child is a natural development and is complimentary to simply saving. It enables you to protect your child’s interests in the future.

This is a modern trend in local family planning as a new generation of parents adopt the concept of building their family estates by starting with a Trust for their Child.

It reinforces the discipline and culture of saving for your child’s future needs, assisting you in this exercise and making it less burdensome going forward. It consolidates and allows for effective management of assets rather than having a segmented and unprofessionally administered portfolio.

Setting up a Trust for your Child is simple – contact Ganado Trustees and we will provide you with the full service starting with a standard document which is easy to understand and apply.

For more information contact Albert Cilia on 21235406 or acilia@ganadoadvocates.com.


The GlobalCapital Junior Saver

One thing is certain. We all want the best for our children and grandchildren especially when they are starting out in their adult lives. Perhaps you wish to fund your loved one through university. Possibly you are planning a stylish wedding for them. A gift such as a car on their 21st birthday could be something you have in mind.

The GlobalCapital Junior Saver is a regular-premium interest-sensitive life insurance policy specifically designed to provide a lump sum of money upon maturity of the plan. It is the perfect savings vehicle for those people who like the security of a life insurance policy which steadily builds up the capital value of its policy account over the years.

Increases to the policy account are guaranteed once they have been credited to it, as long as the policy is not surrendered during the policy period. A sum insured consisting of the annual policy premium multiplied by the number of policy years is automatically incorporated into the plan For example, someone paying €2,500 in annual premium for 20 years has the added benefit of €50,000 life insurance payable on their death, from day one.

Should you die prior to the maturity of the plan, leaving a lump sum to your loved ones ensures they will have enough money to enjoy the lifestyle you had always planned for them.

You can start a plan with as little as €1.32 per day, and there is no upper limit to your contributions. The more you save over the years, the more possibilities you give yourself in the future.

More information here.



Karus Account

The HSBC Karus account is a savings account designed with children in mind. It gives higher rates of interest on our Karus account in order to encourage children to save more.

Account features:
  • for children up to 12 years of age
  • minimum initial deposit €10
  • smart red 'safe' money box on opening of account
  • attractive interest rates
  • account may be opened by either parents or legal guardians, provided the account title includes the name of the child
  • when child is 10 years old, the account may be transferred in the child's name. Child may also apply for a Quikcash card with limited use.

HSBC Children's Plan

Children's dependence on their parents goes further than a cuddle or a helping hand with homework. The values they grow up with, the characteristics they adopt and the dreams they share are all inherited from those early days.
Making the right decisions, throughout their growing years, is essential. After all, no one ever said that being a parent is an easy task! With increasing costs, saving for your child’s education, for their future home or car, becomes even more important. The more you save, the less you will need to borrow (if at all) to support your child’s dreams. And the more peace of mind you will enjoy! The money is yours until you decide when to give it to your children.
Children grow so quickly. That is why it is essential, and not just a great idea, to start saving for your children now. If everyday expenses always seem to take over your finances, you need to start a regular savings programme.
  • You can start a Children’s Plan from as little as €35 monthly.
  • An attractive bonus rate declared annually in advance by HSBC Life Assurance (Malta) Ltd.
  • Additional terminal bonus may be paid if the investment is kept for 10 years and over.
  • An automatic guaranteed minimum life assurance of €2,330.
  • The lump sum payable at the end of the term is tax free under current legislation but this may be subject to change in the future.

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